The Governor and legislature have agreed to send an $11.25 billion bond to the November ballot aimed at boosting the construction of affordable housing in California.
According to Politico, “The bond, if approved by voters in November, would set aside more than $5 billion for the state’s Multifamily Housing Program, while also directing hundreds of millions to the state’s reinvestment portfolio and the acquisition of unrestricted housing units. Known as the Veterans and Affordable Housing Bond Act of 2026, it would also include more than $1 billion for farm and home aid for veterans.”
Funding for Affordable housing has been in short supply ever since California eliminated redevelopment agency funding in 2012. Although many jurisdictions, including the City of Sonoma, have enacted ordinances that require a percentage of new housing to be Affordable, developers have had difficulty financing their projects and the Affordable units never get built. The availability of new funding may facilitate creation of units that are required by the state and its Regional Housing Number Allocations during the next six years.
The bond must be approved by the voters before any funding is made available.
Be First to Comment