SAN FRANCISCO -- In the November election, California voters will decide on 11 propositions. Here's everything you need to know about Proposition 1.
PROPOSITION 1:
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Authorizes bonds to fund specified housing assistance programs. Legislative statute.
SUMMARY:
A yes vote allows the State of California to issue $4 billion in bonds for existing affordable housing programs for low-income residents, veterans and farmworkers. Private investors would buy the bonds and the State would repay them with revenues from California's General Fund.
HOW DID IT GET ON MY BALLOT:
Both houses of California's Legislature approved it by a required 2/3 vote. It captured 56 votes (54 needed) in the Assembly and 30 in the Senate (27 needed). Governor Brown then signed a bill to certify it as a ballot measure.
MAJOR BACKERS:
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Chan Zuckerberg Advocacy, Members' Voice of the State Building and Construction Trades Council of California, Housing Trust Silicon Valley, Mid-Peninsula Housing Corporation.*
MAJOR OPPONENTS:
No major opposition as of August 8.*
IMPACT TO TAXPAYERS:
Interest on General Obligation Bonds is paid out of California's General Fund (Main Budget). That revenue includes both Sales and Income Taxes generated statewide. Increased state costs to repay bonds averages about $170 million annually over the next 35 years.
*NOTE: All information regarding donations as backers or opponents of a ballot measure reflects financial disclosures made to California's Secretary of State as of September 7, 2018.