Historic housing bond poised to move to November ballot: Affordable housing coalition welcomes final deal between Governor, Legislature
This year’s bond bill, SB 417, includes $11.25 billion for a range of successful programs for investing in affordable housing and homeownership opportunities for lower-income Californians
The bill, once approved by the Assembly and Senate and signed by the Governor later this week, will need the approval of a majority of voters in November
SACRAMENTO, CA — The HousingBondCA! Coalition welcomed the final deal announced this week between the Governor, Senate, and Assembly to place The Veterans and Affordable Housing Bond Act of 2026 on the November ballot, where voters will have the opportunity to approve a historic $11.25 billion investment in a range of successful programs for funding housing construction, preserving affordable housing, and expanding homeownership.
The final bond bill, SB 417, was introduced by Senate President Pro Tempore Monique Limón and Assembly Speaker Robert Rivas, and coauthored by Assemblymember Buffy Wicks (D-Oakland) and Senator Christopher Cabaldon (D-Yolo), who have shepherded vehicles for the bond through the Legislature over the last year. The final bond agreement would also not have been possible without the leadership of the two budget committee chairs, Senator John Laird (D-Monterey) and Assemblymember Jesse Gabriel (D-Encino).
SB 417 must still be approved in the Senate and Assembly and signed by the Governor later this week, ahead of a June 25 deadline for placing measures on the ballot.
The HousingBondCA! Coalition welcomed the final bond agreement, which will give voters a chance to approve much-needed funding for affordable housing:
“We all know the stats in California — two-thirds of lower-income renters are rent-burdened, 170,000 people are unsheltered, and we are 1.2 million units short of the affordable housing we need,” said Assemblymember Buffy Wicks, who coauthored the final bond bill. “But what gets lost when we’re counting housing units and debating dollars and cents is that we’re really talking about families who need a roof over their heads. Time and time again, we say that housing affordability and homelessness are top priorities, so it’s incumbent on us to put our money where our mouth is and invest in housing programs that have proven their ability to deliver real results. What we can’t afford is to wait.”
“With one vote, California will build tens of thousands of new homes, prevent existing affordable housing from disappearing, and help Californians who need a hand to buy a home or partner with organizations like Habitat for Humanity,” said Senator Christopher Cabaldon, who also coauthored the final bond bill. “The legislation builds rooftops for homeless and foster youth, students, and farmworkers, and supports our veterans with the largest-ever investment in the CalVet home loan program.”
“A new housing bond continues to be the only way to deliver the stable source of funding that is essential to address California’s housing and homelessness crises,” says Chione Lucina Muñoz Flegal, executive director of Housing California. “This historic bond, once approved by voters, will bring to bear the crucial state investment that communities need to build homes, create affordability, prevent displacement, and help people exit homelessness. We are encouraged by this important step forward and are excited to work with our partners to get this bond over the finish line in November.”
“This final bond deal is a huge win for the millions of working families, veterans, and lower-income Californians who are struggling to find an affordable place to live,” says Ray Pearl, executive director of the California Housing Consortium and a Navy veteran. “The Legislature and Governor have shown true leadership in getting this bond to the finish line, in spite of the fiscal challenges facing the state and the many competing interests for scarce public resources. There is a reason this legislation has remained such a priority: This bond can make a real difference in the lives of Californians — helping build and preserve the affordable homes every community desperately needs. We look forward to its final passage later this week, and we are ready to encourage voters to support this measure on the ballot in November.”
“The Governor and Legislature have shown real leadership in making affordable housing a priority, and this bond can finally give communities the reliable source of funding they need to build it,” says Pete Rodriguez, vice president of the United Brotherhood of Carpenters. “The final measure does everything comprehensive, well-designed housing legislation should do: It will help produce more of the affordable homes every part of California needs, while creating tens of thousands of good jobs for construction workers. This is a historic opportunity, and we stand ready to encourage voters to support it.”
Details: The Veterans and Affordable Housing Bond Act of 2026
The Legislature and Governor have spent years laying a foundation to solve California’s housing crisis and have doubled the number of affordable homes built each year. But with the cost of living continuing to be one of the state’s most urgent policy issues, Californians continue to call for more action on housing.
California has a robust affordable housing pipeline, with nearly 40,000 units of shovel-ready projects waiting on funding to move into construction. With an uncertain revenue forecast — and resources from the last statewide housing bond in 2018 exhausted — California risks falling behind in its efforts to grow the supply of affordable homes unless a new stable funding source is put in place.
The final housing bond, SB 417, is the solution California needs, investing a total of $11.25 billion in successful programs that fund affordable housing construction, preserve existing affordable homes, and expand homeownership opportunities.
A summary of the programs funded by the bond is below, benefiting a wide range of Californians, including veterans and farmworkers, working families and university students, first-time homebuyers and people struggling with homelessness:
- $5.1 billion for the Multifamily Housing Program
- $1.25 billion for home aid for veterans (via revenue bonds)
- $1.15 billion for supportive housing through the Multifamily Housing Program
- $750 million for the Portfolio Reinvestment Program
- $600 million for CalHome
- $500 million for the Home Purchase Assistance Fund
- $500 million for the Infill Infrastructure Grant Program
- $450 million for the Joe Serna, Jr. Farmworker Housing Grant Fund
- $350 million for new affordable student housing projects
- $200 million for the Tribal Housing Grant Program
- $200 million for the Affordable Housing Innovation Fund
- $200 million for the acquisition and rehabilitation of existing affordable homes
Learn more about the HousingBondCA! coalition here:
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