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;
