Bo Tefu
Newsom Green Lights Measure Placing $11.25 Billion Housing Bond on November Ballot
The agreement between the governor, the Assembly and the Senate would fund affordable housing construction, preservation, and homeownership programs, with a focus on veterans, working families, and lower-income Californians. If approved by voters, the bond would finance both rental housing and down payment assistance programs, along with housing for farmworkers, students, tribal communities, and people experiencing homelessness.
By Bo Tefu, California Black Media
California Gov. Gavin Newsom has signed a measure placing an $11.25 billion Veterans and Affordable Housing Bond Act on the November 2026 ballot, setting up a statewide vote on one of California’s largest housing investment proposals in years.
The agreement between the governor, the Assembly and the Senate would fund affordable housing construction, preservation, and homeownership programs, with a focus on veterans, working families, and lower-income Californians. If approved by voters, the bond would finance both rental housing and down payment assistance programs, along with housing for farmworkers, students, tribal communities, and people experiencing homelessness.
In announcing the deal, Newsom emphasized long-standing concerns over housing access and affordability.
“Today’s agreement builds on our work with the Legislature to expand opportunity and make homeownership and affordable housing more attainable for Californians,” said Newsom. “For far too long, our state failed to build enough housing to meet the needs of growing families and communities.”
He added that the proposal is intended to give voters a direct role in expanding housing access. “We’re once again turning the page on decades of inaction and making bold investments needed to tackle one of our state’s greatest challenges,” he said.
Assembly Speaker Robert Rivas (D-Hollister) said the measure aligns with the goals of the state’s broader housing strategy.
“This is California delivering,” Rivas said, pointing to recent efforts to speed up construction and expand housing supply.
Senate President pro Tempore Monique Limón (D-Santa Barbara) said the agreement reflects bipartisan legislative coordination on housing policy.
“The Legislature continues to prioritize access to housing in the Golden State for everyone,” she said.
The bond includes $1.25 billion in self-supporting CalVet home loan bonds and $10 billion in general obligation bonds backed by voters. Officials say it is designed to leverage additional federal, local and private funding to expand housing production.
