• Authorizes $11.25 billion in state general obligation bonds for housing affordability programs, including for California veterans, and to finance housing development projects seeking federal tax credits.
• Allocates funds:
  • $5.1 billion to build and rehabilitate multifamily rental housing;
  • $2.1 billion to acquire, rehabilitate, or preserve affordable housing units, and provide supportive housing for those experiencing homelessness;
  • $1.25 billion for state-funded mortgages for California veterans;
  • $1.1 billion for homeownership and downpayment assistance;
  • $1 billion for farmworker, tribal, and student housing;
  • $500 million for housing infrastructure; and
  • $200 million to support local housing programs.

SUMMARY OF LEGISLATIVE ANALYST’S ESTIMATE OF NET STATE AND LOCAL GOVERNMENT FISCAL IMPACT:

• Increased state cost of $500 million to $600 million annually for about 25 years to repay the housing bond.

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FINAL VOTES CAST BY THE LEGISLATURE ON SB 417 (PROPOSITION 1)
(CHAPTER 16, STATUTES OF 2026)