The state borrows $11.25 billion: $10 billion for affordable housing and $1.25 billion for veterans' home and farm loans.
Proposition 1 · California · Nov 3, 2026
Borrowing for affordable and veterans housing
Official title: Authorizes Bonds for Housing Affordability Programs. Legislative Statute.
Allows $11.25 billion in housing bonds. Repayment differs between the housing programs and veterans’ home loans.
At a glance
Bond (borrowing)- Does it raise taxes?
- No new tax. The state repays most of it from the General Fund, its main budget, so it competes with other spending.
- Estimated cost or revenue
- About $500–600 million a year for about 25 years.
- Who pays
- State General Fund repays the $10 billion housing portion. Veterans' loan payments repay the $1.25 billion portion.
- Where the money goes
- Affordable rental housing, preservation, supportive housing, homeownership assistance, and veterans’ mortgages.
- How long
- About 25 years of repayment.
Worth knowing: Actual borrowing costs depend on bond sales and interest rates; annual estimates are not a total repayment figure.
From the official voter guide and the state’s fiscal analysis. Estimates are the state’s, not ours.
Your choice
Saved privately on this device.What your vote does
The state doesn't borrow this money. Existing housing programs continue.
This vote does not itself rewrite local zoning rules.
Who it affects
People eligible for affordable housing programs and veterans’ home loans.
How the money works
TypeBond (borrowing)
Amount borrowed$11,250,000,000
Rate or thresholdNo new tax rate specified in this summary.
A bond is a loan.
It’s repaid by: State General Fund repays the $10 billion housing portion. Veterans' loan payments repay the $1.25 billion portion.
Cost, who pays and where the money goes are in “At a glance” above.
What your guides say
No guides selected yet. Pick guides to compare.
Why they disagree
Builds and maintains affordable housing for veterans, working families, seniors, people with disabilities and people at risk of homelessness. Expands homeownership without raising taxes and requires public reporting.
Official ballot argument for (summary)No opposing argument in our sources yet. That doesn’t mean there isn’t one.
No official argument against Prop 1 was submitted. That doesn't mean nobody opposes it.
Who’s funding it
We haven’t loaded campaign-finance filings for Proposition 1 yet. You can look them up directly:
Sources
- California Secretary of State
Proposition 1: Official Voter Information Guide · Official title, summary, vote effects and fiscal impact
Checked Oct 31, 2026 - California Secretary of State Checked Oct 31, 2026
- Easy Voter Guide (League of Women Voters of California Education Fund)
Easy Voter Guide, November 3, 2026 · State propositions
Checked Nov 1, 2026