Proposition 1 could authorize bonds to fund housing

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Photo Illustration showing a housing development.
(Sommer Clark / Daily Titan)

Proposition 1, known as the Housing Programs and Veterans’ Loan Bond, would authorize bonds to fund housing assistance programs, according to the California voter’s guide.

A yes vote on Proposition 1 allows the state to issue $4 billion in general obligation bonds. This would go toward housing-related programs, projects and housing loans for veterans, low-income residents, farm workers and transit-oriented housing, according to the California voter’s guide.

General obligation bonds are funds issued by state or local governments for public work projects.

A no vote would not allow the state to issue $4 billion in general obligation bonds on these housing-related programs.

Proposition 1
(Anita Huor / Daily Titan)

These bond funds would be used to provide affordable housing. Legislative analysts estimate  that increased state costs to repay the bonds would average about $170 million annually over the next 35 years, according to the California voter’s guide.

I don’t really see how it could be really frowned upon politically. Veterans do something for their country. It’s the least we can expect to have some service returned,” said Patrick Valyan, Cal State Fullerton student and veteran.

One such program called The Multifamily Housing Program, would receive $1.5 billion. The program offers individuals who earn 60 percent or below the average income, loans for construction, rehabilitation and preservation of rental houses.

Another, called The CalVet Home Loan Program, would receive $1 billion. This program helps veterans purchase homes, farms and other property, according to the bill’s text.  

According to Yes on Prop 1, the proposition would help build homes and create more jobs. This could result in 137,000 jobs and an influx of around $23.4 billion for the economy.

Those in opposition to the proposition argue that taxpayers would potentially be impacted, according to the California voter’s guide.

“This is another general obligation bond measure … that would need to be repaid with interest (potentially through higher property taxes) usually over many decades,” said Gary Wesley in the voter’s guide.

“I think the veteran community is one that could definitely benefit from housing. There are so many homeless veterans I see that it’s a bit of an epidemic right now in our country, and finding ways to solve that would be wonderful,” said Garret Gill, veteran and accounting major.

Johann Wells, kinesiology major and veteran said this proposition seems like it would help veterans who are making the transition from the military.

“I got back from my deployment and then two weeks later I decided I didn’t want to re-enlist in the military so they said ‘OK then, you have to go,’ and then I also found myself homeless,” Wells said.  

Many individuals are in need of affordable housing. One in three Californians can’t afford rent and housing costs because of the housing crisis. Many are spending 30 to 50 percent of earned incomes on housing costs, according to the Yes on Prop 1 website.

It is military entitlement,” Valyan said. “Veterans fought, died, sacrificed limb and life and it goes deeper than that. The sanctity of their mind, spirit, whatever you believe in, they sacrificed a lot and I feel like it’s the least the country could do.”

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