Sacramento, CA — Democratic leaders in the state legislature announce that an agreement is in place to put a $4-billion affordable housing bond measure on the ballot.
It is expected to go before voters in November of 2018. Assembly speaker Anthony Rendon notes that $3-billion of the money would help subsidize low-income housing developments and $1-billion would go towards home loans for California Veterans. The Veterans loan program, operational for many years, is expected to exhaust all of its funding by next year.
The bond measure requires a 2/3 vote of the legislature, and leaders say the formal vote will be cast before the session ends on September 15.
Democratic leaders are still trying to garner votes to put a $75 fee on many real estate documents, with the funding also earmarked for affordable housing programs. It is part of a late legislative push to address affordable housing concerns in the state.