On the ballot this November —
Vote YES on Proposition 1
Proposition 1 — the Veterans and Affordable Housing Bond Act of 2026 — authorizes $11.25 billion in bond funding for programs that build and preserve affordable homes and expand homeownership opportunities, without raising taxes.
The state funding leverages a mix of private and federal funds, bringing home tax dollars Californians already send to Washington. The measure includes strict accountability so voters can track exactly how many homes are built, where, and at what cost.
Proposition 1 fast-tracks construction — funding more than 40,000 already-approved, shovel-ready affordable homes, turning projects stalled only by a lack of funding into homes for lower-income families.
The measure will benefit veterans, farmworkers, working families, students, seniors, first-time homebuyers, youth, and persons with disabilities.
About Proposition 1
Multifamily Housing Program: The backbone of the investment — $5.1 billion to fund affordable housing construction across the state.
Veterans housing. Helps those who served buy affordable homes through the CalVet Home Loan Program, with $1.25 billion dedicated solely to veterans.
Supportive housing: Pairs homes with the services that people experiencing homelessness need to stay housed, backed by $1.15 billion.
Portfolio Reinvestment Program: Preserves and extends the life of existing affordable homes — $750 million.
CalHome: Expands homeownership for low-income families by investing $600 million in affordable home construction, rehabilitation, and homebuyer assistance.
Home Purchase Assistance Fund: Gives first-time homebuyers a one-time boost through $500 million in support.
Infill Infrastructure Grants: Invests $500 million to build vital infrastructure and parks needed to accommodate new homes in already-developed areas near jobs and transit.
Farmworker housing: Sets aside $450 million through the Joe Serna, Jr. Farmworker Housing Grant Fund.
Student housing: Directs $350 million toward new affordable housing to ease the cost burden on college students.
Tribal housing, local housing trust funds, and buying and fixing up existing homes so they become affordable long-term. Each backed by $200 million.
Where the Money Goes
Why it Matters
Only 22% of California households can afford a median-priced home.
More than half of renters spend over 30% of their income on rent.
1.6 million Californians pay over half of their income to rent, making them severely at risk for homelessness.
Yet less than one percent of the state's budget currently goes to housing.
California voters approved the last Veterans and Affordable Housing Bond in 2018 — those funds are fully spent, and the need has only grown.
Honoring Our Veterans
Prop. 1 dedicates $1.25 billion solely to veterans' housing and homeownership opportunities through the CalVet Home Loan Program, which has helped almost a million veterans and their families.
“California has one of the largest populations of homeless veterans in the nation. After their service, our veterans deserve a place to call home.”
Building Homes Working People Can Afford
The teacher in your child's classroom, the firefighter who protects your neighborhood, and the nurse at your local hospital can no longer afford to live in the communities they serve. Prop. 1 builds homes so a middle-class paycheck can once again buy a middle-class life.
Helping Seniors and Our Most Vulnerable
Prop. 1 creates and preserves housing for low-income seniors on fixed incomes, survivors of domestic violence and their families, veterans, at-risk and foster youth experiencing homelessness, and people with disabilities — all of whom deserve safe and stable homes.
Investing in Community & Working Families
Quality, affordable housing is the foundation of thriving communities. Prop. 1 strengthens that foundation by helping essential workers — from firefighters and teachers to nurses — afford to stay in the communities they serve. All over California, working families and essential workers are being priced out and left behind; Prop. 1 supports affordable housing for the people who dedicate their lives to their communities.
No New Taxes
Prop. 1 does not raise taxes. Every state dollar it invests unlocks federal matching funds — tax dollars Californians already send to Washington that would otherwise build housing in other states instead of here at home.
Strict Accountability
Every dollar comes with clear requirements. Voters will be able to see exactly how many homes get built, where, and at what cost.
Learn more about Prop 1 and the HousingBondCA! coalition at www.housingbondca.com.
This November, Vote YES on Proposition 1
