VOTE411 Voter Guide

.★★★★★ IMPORTANT ★★★★★EXPAND this compressed “About This Measure” window by clicking "Read More" below.…………………………………………………………………………………………………………………………………………★ EASY VOTER GUIDE — PROPOSITION 1 ★Source: The League of Women Voters California Education Fund — (English PDF) (Spanish PDF)☆ The way it is now: Affordable housing is housing with rents and prices that people and families with low or moderate incomes can afford. There are not enough affordable homes in California for the number of people who need them. The state operates programs that help build affordable housing and provide housing assistance. Since 2018, voters have approved $6 billion in bonds for housing programs, including $1 billion for veteran home loans.☆ What Prop 1 would do if it passes: Prop 1 would allow the state to borrow $11.25 billion through general obligation bonds. Of this amount, $10 billion would be used to build, preserve, or improve affordable housing. The money could support affordable housing and homeownership for families with low incomes, farmworkers, tribal communities, public university students and people experiencing homelessness. The measure also includes $1.25 billion for home and farm loans for California veterans.☆ Effects on government budgets: The state would repay the $10 billion housing bond, plus interest, from its General Fund, which would cost about $500 million to $600 million each year for about 25 years. Veterans’ home and farm loan payments are expected to repay the $1.25 billion in bonds.👍 People for Prop 1 say:Prop 1 would build and preserve more affordable housing for veterans, working families, seniors, people with disabilities, and people at risk of homelessness.It would expand homeownership opportunities without raising taxes and require public reporting on how the money is spent.👎 People against Prop 1 say:No official argument against Prop 1 was submitted.…………………………………………………………………………………………………………………………………………☆ WHAT IS A BOND? ☆Bonds are a way for governments to borrow money, usually for things that last a long time, like hospitals and bridges. The government sells bonds to get money now and pays them back with interest, usually over 30 years.A General Obligation Bond is money that the state borrows and repays with tax dollars from the General Fund over time. Using money from the General Fund means the state will have less money to spend on other budget items like education and health care.A Revenue Bond is money the state borrows and repays using income from a specific program, such as loan payments from borrowers.Propositions 1, 37, and 38 in this election ask voters to approve bonds.…………………………………………………………………………………………………………………………………………★ OFFICIAL BRIEF GUIDE TO PROPOSITION 1 ★ (Source)☆ BALLOT LABEL ☆PROPOSITION 1: AUTHORIZES BONDS FOR HOUSING AFFORDABILITY PROGRAMS. LEGISLATIVE STATUTE. Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including multifamily rental housing, mortgages for veterans, supportive housing, preservation of existing affordable housing, and downpayment assistance. Fiscal Impact: Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond. Supporters: US Vets; CA Federation of Teachers; Self-Help for the Elderly; Habitat for Humanity CA; CA Alliance of Child & Family Services Opponents: None submitted☆ WHAT YOUR VOTE MEANS ☆A YES vote on this measure means: The state could borrow $11.25 billion to support. veterans and affordable housing.A NO vote on this measure means: The state could not borrow $11.25 billion to support veterans and affordable housing.☆ BALLOT ARGUMENT SUMMARY AND CONTACT INFORMATION ☆IN FAVOR OF PROPOSITION 150-word summary of the argument: Prop 1 builds affordable homes for veterans, seniors, people with disabilities, low- and middle-income working families, vulnerable Californians and essential workers- teachers, firefighters and nurses. Expands homeownership opportunities, fast-tracks affordable shovel-ready homes, helps those one crisis away from homelessness. Requires strict fiscal accountability and public oversight with no new taxes.∙ info@yesonprop1ca.com ∙ yesonprop1ca.com ∙AGAINST PROPOSITION 1No argument against Proposition 1 was submitted.______________________________★★★ FINAL VOTES CAST BY THE LEGISLATURE ON SB 417 (PROPOSITION 1) ★★★ (Source)(CHAPTER 16, STATUTES OF 2026)Senate: Ayes 29, Noes 2Assembly: Ayes 61, Noes 7______________________________★★★ OFFICIAL BALLOT TITLE AND SUMMARY ★★★ (Source)AUTHORIZES BONDS FOR HOUSING AFFORDABILITY PROGRAMS. LEGISLATIVE STATUTЕ.Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including for California veterans, and to finance housing development projects seeking federal tax credits.Allocates funds:∙ $5.1 billion to build and rehabilitate multifamily rental housing;∙ $2.1 billion to acquire, rehabilitate, or preserve affordable housing units, and provide supportive housing for those experiencing homelessness;∙ $1.25 billion for state-funded mortgages for California veterans;∙ $1.1 billion for homeownership and downpayment assistance;∙ $1 billion for farmworker, tribal, and student housing;∙ $500 million for housing infrastructure; and∙ $200 million to support local housing programs.Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~STATE BOND COST ESTIMATEAuthorized new borrowing = $11.25 billionAnnual cost to pay off bond = $500 million to $600 million*Likely repayment period = 25 yearsSource of repayment = General tax revenue*Proposition 1 includes $1.25 billion for a veterans housing program.The borrowing would not result in estimated state cost.~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~★★★ MORE DETAILS ABOUT PROPOSITION 1 ★★★Full Analysis by the Legislative Analyst (5-page PDF)Overview of State Bond Debt (3-page PDF)Argument in Favor (3-page PDF)Signatories: —ANNI CHUNG, President, Self-Help for the Elderly—JEFFERY FREITAS, President, California Federation of Teachers—JOHN H. ING, Chief Financial Officer, US VetsArgument Against (No argument against Proposition 1 was submitted)Text of Proposed Law (14-page PDF)…………………………………………………………………………………………………………………………………………