sweeping CEQA exemptions enacted last year to boost housing production and infrastructure\u00a0<\/a>statewide.\u00a0<\/p>\nThe proposed Veterans and Affordable Housing Bond Act of 2026 would provide funding for affordable housing and homeownership programs, including assistance for veterans, middle- and lower-income households, affordable rental housing, and interim and supportive housing for people experiencing homelessness. The proposal also includes funding to support veterans\u2019 homeownership, affordable rental housing, homeownership assistance, farmworker housing, housing and infrastructure for tribal communities, student housing, and other state housing programs.<\/p>\n
\u201cCalifornia has been building toward this moment. We\u2019ve cut red tape, fast-tracked construction, protected renters. And now, we\u2019re going bigger: $11.25 billion for affordable housing to expand homeownership for veterans and working families, drive down costs and prove that the door to opportunity is open to everyone. This is California delivering.\u201d Speaker of the Assembly Robert Rivas<\/p>\n
\u201cThe agreement reached today is the reflection of the hard work done in the Legislature to address and respond to the critical housing needs that Californians are facing across the state. The Legislature continues to prioritize access to housing in the Golden State for everyone. Thank you to leaders in both the Senate and Assembly, as well as Speaker Rivas and Governor Newsom, for working together to deliver billions of dollars to support needed housing.\u201d Senate President pro Tempore Monique Lim\u00f3n<\/p>\n
What the bond will do<\/p>\n
The bond is expected to help more than\u00a040,000 Californians\u00a0purchase a home\u00a0by providing down payment assistance, affordable mortgage financing, and other homeownership support. These investments will help veterans, first-time and lower- to moderate-income homebuyers overcome the upfront costs of purchasing a home and make homeownership more attainable.
\u00a0
It will also support the creation or preservation of\u00a0tens of thousands of affordable homes\u00a0for lower-income Californians, including seniors, farmworkers, veterans, and people experiencing or at risk of homelessness. Because these homes must remain affordable for\u00a0at least 55 years, the bond represents a long-term investment that will expand housing opportunities and strengthen California communities for generations to come.<\/p>\n
The bond will also\u00a0support tens of thousands of high-paying construction jobs\u00a0as new housing is built across California.\u00a0<\/p>\n
It is also designed to\u00a0maximize taxpayer dollars\u00a0by leveraging significant outside investment: for every $1 invested by the state, an estimated $4 in federal tax credits, local funding, private financing, and resident rents will help finance these developments, allowing California to build substantially more housing than state dollars alone could support.<\/p>\n
\u201cWe all know the stats in California\u2014two-thirds of lower-income renters are rent-burdened, 170,000 people are unsheltered, and we are 1.2 million units short of the affordable housing we need. But what gets lost when we\u2019re counting housing units and debating dollars and cents is that we\u2019re really talking about families who need a roof over their heads. Time and time again, we say that housing affordability and homelessness are top priorities, so it\u2019s incumbent on us to put our money where our mouth is and invest in housing programs that have proven their ability to deliver real results. What we can\u2019t afford is to wait.\u201d\u00a0Assemblymember Buffy Wicks (D-Oakland)\u00a0<\/p>\n
\u201cWith one vote, California will build tens of thousands of new homes, prevent existing affordable housing from disappearing, and help Californians who need a hand to buy a home or partner with organizations like Habitat for Humanity. The legislation builds rooftops for homeless and foster youth, students, and farmworkers, and supports our veterans with the largest-ever investment in the CalVet home loan program.\u201d\u00a0Senator Christopher Cabaldon (D-Yolo)<\/p>\n
About the Veterans and Affordable Housing Bond Act<\/p>\n
The Veterans and Affordable Housing Bond Act of 2026 (Senate Bill 417) includes:<\/p>\n
$1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, expected to help veterans and military families achieve homeownership. These bonds are repaid entirely through mortgage payments and do not rely on taxpayer funding.
\n$10 billion in voter-approved general obligation bonds to finance the construction, rehabilitation, acquisition and preservation of affordable housing for lower-income Californians.\u00a0
\nInvestments in the Multifamily Housing Program, the state\u2019s flagship affordable housing program.\u00a0
\nTargeted investments to expand affordable housing and homeownership opportunities for Californians with the greatest housing needs, including farmworkers, tribal communities, college students, homeless and at-risk youth, lower-income households and moderate-income first-time homebuyers
\nTens of thousands of high-paying construction jobs.<\/p>\n","protected":false},"excerpt":{"rendered":"Why this historic investment is needed now Californians continue to cite housing affordability as their number 1 priority.…\n","protected":false},"author":2,"featured_media":377839,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[7,9,8],"class_list":["post-377838","post","type-post","status-publish","format-standard","has-post-thumbnail","category-california","tag-california","tag-california-headlines","tag-california-news"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/377838","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/comments?post=377838"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/posts\/377838\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media\/377839"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/media?parent=377838"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/categories?post=377838"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-ca\/wp-json\/wp\/v2\/tags?post=377838"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}