SB3: Veterans and Affordable Housing Bond Act

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This measure places a $4 billion general obligation bond on the November 2018 ballot to fund affordable housing programs and the veterans homeownership program (CalVet). If approved by voters, SB 3 would fund the following existing programs:

  • Multifamily Housing Program: $1.5 billion
  • Transit-Oriented Development Implementation Program: $150 million
  • Infill Incentive Grant Program: $300 million
  • Joe Serna, Jr. Farmworker Housing Grant Fund: $300 million
  • Local Housing Trust Fund Matching Grant Program: $300 million
  • CalHome Program: $300 million
  • Self-Help Housing Fund: $150 million
  • CalVet Home Loan Program: $1 billion

If approved, SB 3 would fund the following existing programs

Multifamily Housing Program

$1.5 billion, administered by HCD, to assist the new construction, rehabilitation and preservation of permanent and transitional rental housing for lower-income households through loans to local public entities and nonprofit and for-profit developers;
(Photo: faceless b)

Transit-Oriented Development Implementation Program

$150 million to provide low-interest loans for higher-density rental housing developments close to transit stations that include affordable units and as mortgage assistance for homeownership.
(Photo: David Wilson)

Infill Incentive Grant Program

$300 million, administered by HCD, to promote infill housing developments by providing financial assistance for infill infrastructure that serves new construction and rehabilitates existing infrastructure to support greater housing density;
(Photo: Loha Cienega)

CalVet Home Loan Program

$1 billion, administered by the California Department of Veterans Affairs, provides loans to eligible veterans at below-market interest rates with few or no down payment requirements.
(Photo: Cpl. Laura Gauna)

Joe Serna, Jr. Farmworker Housing Grant Fund

$300 million, administered by HCD, to help finance the new construction, rehabilitation and acquisition of owner-occupied and rental housing units for agricultural workers;
(Photo: Tony Webster)

Local Housing Trust Fund Matching Grant Program

$300 million, administered by HCD, to help finance affordable housing by providing matching grants, dollar for dollar, to local housing trusts;
(Photo: Mundinger)

CalHome Program

$300 million, administered by HCD, to help low- and very low-income households become or remain homeowners by providing grants to local public agencies and nonprofit developers to assist individual first-time homebuyers.

Self-Help Housing Fund

$150 million – Administered by HCD, this program assist low and moderate income families with grants to build their homes with their own labor;

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