In 2008, Prop 12 was passed to provide $900 million in assistance to reduce veteran homelessness in California. Most of that money has not been spent, possibly because the language of Prop 12 only included houses, mobile homes and farms - no mention of apartments. Whoops. So, this act, if passed, would immediately amend the Prop 12 language to include the purchase and construction of multi-unit housing (aka apartments and supportive housing) to house homeless veterans or those at risk. This prop would immediately reallocate $600 million of previously approved bonds for this purpose. This bond is like a loan that the state takes out, and taxpayers pay for it…the CA Secretary of State thinks it will cost about $50 million a year over 15 years to pay it off.
The bond sales would be issued only as needed and overseen by a group from the California Housing Finance Agency, the Department of Housing and Community Development, and the Department of Veterans Affairs (CalVets).