Proposition 1 will be on the ballot Nov. 6 and has the opportunity to create positive change within the California housing crisis.
Proposition 1 is the Housing Programs and Veterans’ Loans Bond and would authorize $4 billion in general obligation bonds to fund housing-related programs, loans, grants and housing loans for veterans.
Similar to Santa Rosa’s Measure N, Proposition 1 would help alleviate the tension within the current housing shortage in California.
The break down of the $4 billion would allot $1 billion for the CalVet Home Loan Program that helps provide loans for veterans to buy houses and places to live.
Another $1.5 billion would go to the Multifamily Housing Program, which aims to provide loans for construction, rehabilitation and preservation of rental housing for those with incomes of 60 percent or less than the median income.
This funding in particular would help developers, who argue that it’s not economic to build housing that lower income families can afford, change their perspective towards affordable housing.
Another $300 million of the general obligation bonds would fund a Regional Planning, Housing and Infill Incentive Account that would offer grants for infrastructure that promotes high density housing that is affordable and acknowledges mixed-incomes. The Transit-Oriented
Development Implementation Fund would receive $150 million to provide loans and grants locally to developers who are building close to transit stations.
The remaining would be split between the Home Purchase Assistance Program, Joe Serna, Jr. Farmworker Housing Grant Fund, Local Housing Trust Matching Grant Program and the Self-Help Housing fund. All of these programs aim to provide loans and resources for people who need it most.
According to the Legislative Analyst’s Office, “the bond funds would provide annual subsidies for up to 30,000 multifamily and 7,500 farmworker households.
The funds also would provide down payment assistance to about 15,000 homebuyers and home loans to about 3,000 veterans.”
Proposition 1 would help keep California on track with the population growth that is said to need 180,000 new housing units each year.
According to the LA Times, California would require 3.5 million homes built by 2025 to keep up with housing demand and to secure prices. Such a large building boom would be more than California has seen for almost 80 years.
By making money available, California can aim to build housing that is affordable for families of low income.
Although this proposition will not fix the housing crisis, it does contribute by creating new housing which will help to alleviate the shortage in the future.
Vote YES on Proposition 1.