California voters could soon decide whether to approve more than 11 billion dollars in new funding for affordable housing and veteran homeownership programs. Legislative leaders and Governor Gavin Newsom announced an agreement this week to place the Veterans and Affordable Housing Bond Act on the November 2026 ballot.
Senate Democrats say the bond would help move thousands of affordable housing projects that are already planned but still need financing.
West Sacramento Senator Christopher Cabaldon says as many as 45,000 developments are nearly ready to break ground.
"All developed at the community level," said Cabaldon. "All they need is the last bit of financing in order for these projects to become roofs, to become homes. And that’s exactly what this proposal will do."
The Senate proposal also includes $150 million for housing targeted at youth experiencing or at risk of homelessness — an addition championed by Senator Caroline Menjivar.
"If we can get at the prevention side," Menjivar said, "then you won’t see the 65-year-old 70-year-old man sleeping on the streets."
The measure still needs final approval from the Legislature and Governor Gavin Newsom before it can go before voters this November.