What is it?

Prop 1 is an $11.25B bond: $10B to finance subsidized housing and $1.25B for CalVet loans to help veterans buy farms, homes, and mobile homes.

The state repays the bonds from the General Fund over up to 35 years. The CalVet funds are different: veterans' loan payments pay those bonds back, and the General Fund covers any shortfall.

Fund allocations

Half of the $10B housing bond funds go toward the Multifamily Housing Program, totaling $5.1B to build and renovate affordable rentals. The other half will be divided across supportive housing ($1.15B), the CalHome Program ($600M) and Home Purchase Assistance Fund ($500M) to help people buy homes, infrastructure ($500M), and $1B for farmworker, student, and tribal housing, among others.

The Legislature can change these splits later without going back to voters.

Veterans' bonds

The remaining $1.25B for veterans funds the existing CalVet program to help veterans buy farms and homes.

Accountability

The state must publish a yearly report on how it spent the bond money.

Read the full annotated legal text →