Bill > SB417

This bill, the Veterans and Affordable Housing Bond Act of 2026, authorizes the issuance of $11.25 billion in bonds to fund affordable housing and veteran housing programs, to be voted on in the November 3, 2026, statewide general election. * **Affordable Rental Housing and Home Ownership Programs:** $10 billion will be used to fund various programs, including: * $5.1 billion for the Multifamily Housing Program to finance affordable rental housing. * $1.15 billion for supportive housing, including grants for interim to permanent housing conversion and youth housing. * $750 million for the Portfolio Reinvestment Program. * $200 million for acquiring and rehabilitating unrestricted housing units to attach long-term affordability restrictions. * $600 million for the CalHome Program to assist with self-help mortgage assistance and manufactured homes. * $500 million for the home purchase assistance program. * $450 million for the Joe Serna, Jr. Farmworker Housing Grant Program. * $200 million for the Tribal Housing Grant Program. * $500 million for the Infill Infrastructure Grant Program to support affordable and mixed-income housing. * $350 million for new affordable student housing projects, split evenly between the University of California and the California State University systems. * $200 million for the Affordable Housing Innovation Fund to support local housing trust funds and innovative housing solutions. * **Veteran Housing Assistance:** $1.25 billion will provide additional funding for the program assisting veterans with farm, home, and mobilehome purchases. Most of these funds are authorized to be spent over multiple fiscal years, with any unencumbered funds for specific programs reverting for general use in the Multifamily Housing Program by November 3, 2036, or within three years for others. The bill takes effect immediately as an urgency statute.