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Prop 1 -- Affordable Housing
This Prop funds existing affordable housing programs for low-income people, veterans, and farmworkers with $4 billion in general obligation bonds.
Money would be split like this:
|
Program |
$ millions |
~ # served |
|
Affordable multi-family housing - loans to build/renovate |
$1,800 |
30,000 households |
|
Infrastructure funds for building near public transit |
$450 |
|
|
Homeownership - down payment assistance |
$450 |
15,000 homebuyers |
|
Farmworker housing - loans/grants to build |
$300 |
7,500 households |
|
Veterans housing - home loan assistance |
$1,000 |
3,000 veterans |
Veterans make monthly payments to the state for their home loans and the state uses their payments to repay bonds (proposed $1 billion), so there is no net cost to the state for that program. The other proposed $3 billion in bonds for housing programs would cost “about $170 million annually for 35 years” ($5.9 billion total, with interest). The state would have a competitive application process for the funds and General Fund revenues would pay off bonds.
Opposition was not able to raise any funds. General argument is that we shouldn’t be taking out more debt, but rely on private market to provide more affordable housing (Gee, that’s worked well so far!)
CA had 73 billion in debt from bonds and 31 in un-issued bonds. Bonds tend to seep into property taxes in the future. If bonds give the state gets more flexibility in the budget, hopefully they’ll do what we want them to (gotta hope for something).
Endorsements were read...the only no was the CA Republican Party. Over 300 million requires a vote from the public.
Support: Housing advocates, Construction unions, Democratic Party, Sierra Club
Opposition: Attorney Gary Wesley does not like bonds, Republican Party
Legislature: Divided, but mostly in favor (75%)
Straw Poll
Yes -- 11; No -- 1; Undecided -- 1
