Title
Adopt a recommendation by the Legislative Committee to support a statewide ballot measure, the Veterans and Affordable Housing Bond Act of 2018, which will appear on the November 6, 2018 ballot.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors adopt a recommendation by the Legislative Committee to support a statewide ballot measure, the Veterans and Affordable Housing Bond Act of 2018, which will appear on the November 6, 2018 ballot.
SUMMARY
On June 13, 2018, the Legislative Committee reviewed ballot initiatives which have qualified to appear on the November 6, 2018 ballot. The Committee recommends that the Board adopt a "support" position on the Veterans and Affordable Housing Bond Act of 2018. - Exhibit A
DISCUSSION
Veterans and Affordable Housing Bond Act of 2018 - SUPPORT
SB 3 (Chapter 365, Statutes of 2017), Beall.
Proposition number - not yet assigned
The measure would authorize $4 billion in general obligation bonds for housing-related programs, loans, grants, and projects and housing loans for veterans. The measure would distribute bond revenue as follows:
* $1 billion for the CalVet Home Loan Program, which offers loans to veterans for the purchase of homes, farms, units in cooperative developments, and mobile homes;
* $1.5 billion for the Multifamily Housing Program (MHP), which offers loans for the construction, rehabilitation, and preservation of rental housing for persons with incomes of 60 percent or below of the area median income;
* $150 million for the Transit-Oriented Development Implementation Fund, which offers loans and grants to local governments and developers for housing projects near transit stations;
* $300 million for the Regional Planning, Housing, and Infill Incentive Account, which offers grants for infill infrastructure that supports high-density affordable and mixed-income housing;
* $150 million for the Home Purchase Assistance Program, which offers loans to low-income and moderate-income hom...
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