Proposition 1 Passes
The first measure on this year's midterm election ballot has passed.
With 100 percent of precincts reporting Wednesday afternoon, Prop. 1 was passed with a 54.07 percent "yes" vote. The "yes" side garnered a total of 3,713,218 votes versus "no" with 3,154,381 votes.
The ballot is one of a couple related to California's housing crisis, and 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.
The state will now be allowed to sell $4 billion in general obligation bonds to fund 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.
