The bond will generate $4 billion for affordable housing programs, infill infrastructure projects and the veterans’ homeownership program. The Legislature placed the bond on the ballot through the passage of League-supported SB 3 (Beall) last September. If approved by voters in November, the Veterans and Affordable Housing Bond will fund a number of programs and breathe new life into existing housing programs that have proven, over the years, to be effective. California cities are eager to access much needed affordable housing funding to jumpstart construction. Programs that would be funded under the bond include:
- Multifamily Housing Program — $1.5 billion
- Transit-Oriented Development Implementation Program — $150 million
- Infill Incentive Grant Program — $300 million
- Joe Serna, Jr. Farmworker Housing Grant Fund — $300 million
- Local Housing Trust Fund Matching Grant Program — $300 million
- CalHome Program — $300 million
- CalVet Home Loan Program —:$1 billion
- Self-Help Housing Fund — $150 million
Categories:League of California Cities