With the state facing a massive housing shortage that has driven up prices, California voters passed Proposition 1, a $4 billion affordable housing bond. Voters also approved Proposition 2, a separate measure that will allow the state to use a past tax on millionaires to fund housing for the mentally ill.
California Proposition 1, the Housing Programs and Veterans’ Loans Bond, was on the ballot in California as a legislatively referred bond act on November 6, 2018. The measure was approved . A "yes" vote supported this measure to authorize $4 billion in general obligation bonds for housing-related programs, loans, grants, and projects and housing loans for veterans.
Long-time readers of mine are likely to remember my series last year on the overvaluation of the California and West Coast.
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A YES vote on Proposition 1 means the state could sell $4 billion in general obligation bonds to support veterans and affordable housing. A NO vote on Proposition 1 means the state could not sell such bonds.
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Proposition 1 calls for the state to sell $4 billion in bonds for veterans and affordable housing. That $4 billion breaks down into the following $1.5 billion: Deposited in the Housing Rehabilitation Loan Fund.
These bond funds would be used to provide affordable housing. ballot label. Fiscal Impact: increased state costs to repay bonds averaging about $170 million annually over the next 35 years. Background. Housing Is Expensive in California. Housing in California has long been more expensive than most of the rest of the country.
Authorizes Bonds to Fund Specified Housing assistance programs. legislative statute housing programs and Veterans’ Loans Bond; authorizes $4 billion of state general obligations bond to fund existing housing programs. The Libertarian Party of California recommends a "No" vote on Proposition 1.
Proposition 1 would authorize the state to borrow up to $4 billion for affordable housing and home loans for veterans. The state would borrow the money in the form of bonds, which it would repay.
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Proposition 1 will be on the ballot for the 2018 election and, if approved, could provide billions in funding for affordable housing programs. One of the reasons this proposition has come about is.
The people of the State of California do enact as follows: SECTION 1. This act shall be known, and may be cited, as the Veterans and Affordable Housing Bond Act of 2018.