Your guide to Proposition 1: Borrowing money for low-income and veteran housing
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Set us as preferred By one measure, California is short nearly 1.4 million homes for people earning very low incomes.At the same time, middle-income families also struggle to afford housing in the state, where single-family homes sold for a median price of $887,680 in July.In response, lawmakers are asking voters to let the state borrow $11.25 billion through the sale of bonds to build and maintain housing that low- and middle-income residents can afford.It’s called Proposition 1, or the Veterans and Affordable Housing Bond Act of 2026.
California California’s general election takes place on Novemer 3.Learn about L.A.’s city and county races as well races for state office.The largest chunk of this money — $7.2 billion — would be doled out as loans to builders who agree to rent some of the homes to low-income families; in Los Angeles County, a family of four earning about $133,000 a year qualifies as low-income.
Researchers recently found that the construction of nearly 40,000 low-income homes was in limbo because of a lack of funding.The second-largest portion of these funds — $1.25 billion — would be set aside for housing for veterans, in the form of homeownership loans.Voters last approved this type of statewide bond for veteran home loans in 2018.According to the Legislative Analyst’s Office, the remaining dollars would be spread across several other initiatives and could subsidize up to 40,000 rental apartments, 2,500 homes for farmworkers and 1,200 beds for university students:When lawmakers voted to put this funding on the ballot this year, the votes were split almost entirely among party lines, with state Democrats in support.“Through this historic bond, we’re giving voters the opportunity to help more Californians achieve homeownership, expand access to affordable housing, and give more families a real shot at the California Dream,” Gov.
Gavin Newsom said about the proposition in ...