The first measure on this year’s ballot wants voters to decide on bond funding for housing assistance programs.

The ballot is one of a couple related to California’s housing crisis. It joins Proposition 2’s effort for housing for those with mental illnesses and Proposition 10’s effort to repeal the Costa-Hawkins Rental Housing Act.

PROPOSITION 1 FAST FACTS

WHAT YOUR VOTE MEANS

  • YES vote on this measure means: Allows the state to sell $4 billion in general obligation bonds to fund veterans and affordable housing.
  • NO vote on this measure means: The state could not sell $4 billion in general obligation bonds to fund veterans and affordable housing.

FISCAL IMPACT

  • Increased state costs to repay bonds averaging about $170 million annually over the next 35 years. These bond funds would be used to provide affordable housing.
    • Authorized new borrowing: $4 billion
    • Average annual cost to repay: $170 million
    • Likely repayment period: 35 years
    • Source of repayment: General tax revenue
  • Ballot impact data and vote text from the California Legislative Analyst’s Office

READ THE PROPOSED LAW

Proposition 1 calls for the state to sell $4 billion in bonds for veterans and affordable housing. That $4 billion breaks down into the following

  • $1.5 billion: Deposited in the Housing Rehabilitation Loan Fund. That money will go toward “new construction, rehabilitation and preservation of permanent and transitional rental housing for persons with incomes of up to 60 percent of the area median income.
  • $150 million: Deposited into Transit-Oriented Development Implementation Fund. It will provide assistance to cities, counties and transit agencies to help develop high-density housing near transit stations.
  • $300 million: Deposited into Regional Planning, Housing and Infill Incentive Account. It would go toward parks, public infrastructure, transportation or traffic mitigation to help encourage infill development.
  • $150 million: Transferred to Self-Help Housing Fund. It’s meant for home purchasing assistance.
  • $300 million: Deposited into the Joe Serna Jr. Farmworker Housing Grant Fund. It will fund grants or loans for construction or rehabilitation of housing for agricultural employees.
  • $300 million: Deposited into the Affordable Housing Innovation Fund. Going toward innovative or cost-saving approaches to creating or preserving affordable housing
  • $300 million: Deposited into the Self-Help Housing Fund. It will help provide direct, forgivable loans for development projects for multiple home ownership units including single-family subdivisions.
  • $1 billion: Providing farm and home aid for veterans.

2018 CALIFORNIA BALLOT PROPOSITIONS

  • PROPOSITION 1
    Authorizes Bonds to Fund Specified Housing Assistance Programs. Legislative Statute.
  • PROPOSITION 2
    Authorizes Bonds to Fund Existing Housing Program for Individuals With Mental Illness. Legislative Statute.
  • PROPOSITION 3
    Authorizes Bonds to Fund Projects for Water Supply and Quality, Watershed, Fish, Wildlife, Water Conveyance, and Groundwater Sustainability and Storage. Initiative Statute.
  • PROPOSITION 4
    Authorizes Bonds Funding Construction at Hospitals Providing Children’s Health Care. Initiative Statute.
  • PROPOSITION 5
    Changes Requirements for Certain Property Owners to Transfer Their Property Tax Base to Replacement Property. Initiative Constitutional Amendment and Statute.
  • PROPOSITION 6
    Eliminates Certain Road Repair and Transportation Funding. Requires Certain Fuel Taxes and Vehicle Fees Be Approved by the Electorate. Initiative Constitutional Amendment.
  • PROPOSITION 7
    Conforms California Daylight Saving Time to Federal Law. Allows Legislature to Change Daylight Saving Time Period. Legislative Statute.
  • PROPOSITION 8
    Regulates Amounts Outpatient Kidney Dialysis Clinics Charge for Dialysis Treatment. Initiative Statute.
  • PROPOSITION 9
    Removed from the ballot
  • PROPOSITION 10
    Expands Local Governments’ Authority to Enact Rent Control on Residential Property. Initiative Statute.
  • PROPOSITION 11
    Requires Private-sector Emergency Ambulance Employees to Remain on-call During Work Breaks. Eliminates Certain Employer Liability. Initiative Statute.
  • PROPOSITION 12
    Establishes New Standards for Confinement of Specified Farm Animals; Bans Sale of Noncomplying Products. Initiative Statute.

(© Copyright 2018 CBS Broadcasting Inc. All Rights Reserved.)

Comments

Leave a Reply

Please log in using one of these methods to post your comment:

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s