California leaders have reached a three‑party agreement on a proposed affordable housing and homeownership bond that could be placed on the November ballot.
Called the Veterans and Affordable Housing Bond Act of 2026, the measure would authorize $11.25 billion in borrowing to pay for affordable housing construction, preserve affordable housing, and expand homeownership opportunities.
“Today’s agreement builds on our work with the Legislature to expand opportunity and make homeownership and affordable housing more attainable for Californians. For far too long, our state failed to build enough housing to meet the needs of growing families and communities. 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. California’s future depends on whether people can afford to put down roots, raise a family, and build a life here. Through this historic bond, we’re giving voters the opportunity to help more Californians achieve homeownership, expand access to affordable housing, and give more families a real shot at the California Dream,” California
Gov. Gavin Newsom said in an announcement.
According to KTLA/Channel 5, the proposal is expected to clear the Legislature and reach Newsom’s desk in the coming days and would be placed on the November 2026 ballot.
Help Californians Buy Homes
According to the governor’s office, 17% of California households can afford a median‑priced single‑family home, and more than half of renters spend over 30% of their income on housing, the common level regarded as affordable.
State officials said they estimate the measure would help more than 40,000 Californians buy homes and support the creation or preservation of tens of thousands of affordable housing units, KTLA reported.
If approved by voters, the bond would fund a range of programs, including affordable rental housing, down‑payment assistance, mortgage financing, farmworker housing, student housing, tribal housing and supportive housing for people experiencing homelessness.
The state said the proposal follows a series of housing regulatory reforms enacted in recent years to facilitate housing development — including sweeping CEQA exemptions enacted last year to boost housing production and infrastructure statewide.
The proposed act would provide funding for affordable housing and homeownership programs, including assistance for veterans, middle- and lower-income households, affordable rental housing, and interim and supportive housing for people experiencing homelessness. The proposal also includes funding to support veterans’ homeownership, affordable rental housing, homeownership assistance, farmworker housing, housing and infrastructure for tribal communities, student housing, and other state housing programs.
“California has been building toward this moment. We’ve cut red tape, fast-tracked construction, protected renters. And now, we’re going bigger: $11.25 billion for affordable housing to expand homeownership for veterans and working families, drive down costs and prove that the door to opportunity is open to everyone. This is California delivering,” California Speaker of the Assembly Robert Rivas said.
