The bond includes $10 billion in general obligation bonds for affordable housing initiatives and $1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, which helps veterans and military families.
Gov. Gavin Newsom has signed legislation placing an $11.25 billion housing bond on the November ballot for voter consideration.
The measure, known as the Veterans and Affordable Housing Bond Act of 2026, was approved by the Legislature and signed by Newsom on Monday. If approved by voters, it would fund the construction, rehabilitation and preservation of affordable housing as well as homeownership programs across California.
The measure requires approval by a majority of voters in November to take effect.
The bond includes $10 billion in general obligation bonds for affordable housing initiatives and $1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, which helps veterans and military families purchase homes. The veteran portion would be repaid through mortgage payments and would not require taxpayer funds.
The proposal comes as California continues to face a severe housing shortage. Officials have cited low homeownership rates and high rent burdens as major challenges, with only about 17% of households able to afford a median-priced single-family home.
The bond would support multifamily housing programs, housing for farmworkers, tribal communities, college students, and people experiencing or at risk of homelessness. It is also expected to help tens of thousands of lower- and moderate-income Californians with down payment assistance and other homeownership support.
