In 2008, California voters passed a $900 million bond measure to help fund the CalVet Farm and Home Loan Program with the intention of assisting returning veterans with buying a home or farm.
That bond had marginal success for a variety of reasons including historically low interest rates and the recent housing crisis. Of the original amount, about $500 million remains available. Now, Proposition 41 seeks to use that previously approved bond money to provide veteran housing assistance in a different way. If passed, this proposition would fund construction, renovation and acquisition of affordable multi-family housing to be rented to low-income veterans and their families.
In doing so, the proposition would fund much-needed housing throughout the state for a population that could use the assistance. While it is not a replacement for a statewide housing program with incentives to build for all low-income populations, it is a suitable use for the previously approved bond that simply didn’t take into account the changing times and financial situations of veterans.
This proposition would not add to the state’s debt since the bonds were already approved and would assist veterans who need the help the most. Since it centers on low-income veterans, it will also reduce the overall social cost for those looking for a roof over their heads.
Proposition 41 is a common-sense approach to housing our veterans and to provide revenue for local governments looking to provide a basic service to those who need it. Vote yes.