California legislators have agreed to submit an $11.3 billion housing bond measure to voters this November, combining broad affordable housing funding with targeted support for veterans' homeownership.
The proposal, identified as Senate Bill 417, would authorize $10 billion in general obligation bonds designated for affordable housing programs across the state. In addition, the package includes $1.25 billion in self-supporting revenue bonds intended for the state’s CalVet Home Loan Program for veterans.
State officials estimate the housing package could help more than 40,000 Californians purchase homes through mechanisms such as down-payment assistance and affordable mortgage financing, along with other forms of support. The measure would also provide financing to construct or preserve tens of thousands of affordable homes targeted to lower-income residents.
The $1.25 billion in revenue bonds for the CalVet Home Loan Program are structured to be repaid through mortgage payments rather than through taxpayer funding, state leaders said. That repayment arrangement distinguishes those bonds from the general obligation portion of the package.
Housing affordability continues to weigh heavily on residents: the median price for a single-family home in California remains above $900,000, underscoring the scale of the state’s housing cost challenges.
Lawmakers face a near-term deadline this week to finalize which measures will appear on the November ballot. Alongside the housing bond, they are considering a separate $12 billion bond proposal aimed at science and health research, as well as a legislative measure intended to update the state’s reserve policies. Those concurrent decisions will determine the slate of measures presented to voters in November.
Summary of the measure:
- $11.3 billion total housing bond on the November ballot under Senate Bill 417.
- $10 billion in general obligation bonds for affordable housing programs.
- $1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, to be repaid through mortgage payments.