Laserfiche WebLink
REPORT <br />To the Honorable Mayor and City Council <br />From the City Manager <br /> <br />May 7, 2018 <br /> <br />SUBJECT <br />Resolution to Support and Endorse the 2018 Veterans and Affordable Housing Bond <br />Act <br /> <br />RECOMMENDATION <br />Adopt a resolution supporting and endorsing the passage of the Veterans and <br />Affordable Housing Bond Act on the November 6, 2018 ballot <br /> <br />BACKGROUND <br />In August 2017, the State Legislature and Governor Jerry Brown agreed to put a $4 <br />billion bond on the November 6, 2018 ballot to fund low-income housing developments <br />and subsidize home loans for veterans. The name of the bill is the Veterans and <br />Affordable Housing Bond Act. In passing the bill, the Legislature acknowledged that <br />California is experiencing an extreme housing shortage with 2.2 million extremely low <br />income and very low income renter households competing for just 664,000 affordable <br />rental homes. This means that nearly 1 in every 4 extremely low and very low income <br />households are unable to find housing. Additionally, with 11,311 homeless veterans, <br />California accounts for about 24 percent of the nation’s homeless veteran population. <br />The bill seeks to increase state funding for housing since federal funding has declined in <br />recent years. <br /> <br />ANALYSIS <br />The Veterans and Affordable Housing Bond Act seeks to facilitate creating affordable <br />housing and subsidizing housing for veterans in the following ways: <br /> <br />· $1.5 billion to Multi-family Housing Programs through loans to local governments <br />and non-profit developers <br />· $1 billion to the CalVet Home Loan Program which allows veterans to purchase <br />homes at or below market rate with low to no down payment requirements <br />· $300,000 to each of the following: <br />8.A. - Page 1