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Proposition 46 is well within the state's capacity to financially support the bond measure. The State of California's debt is relatively Iow when compared to other states. Most financial analysts see the current, 40-year Iow interest rates as a groat opportunity to finance this and other bond measures. It is likely that it may cost less to finance this bond measure now and pay it off over the next 5 to 10 years than to use a pay-as-you-go financing mechanism. The League has been cdtical of the state in the past for not contributing in any meaningful way to the state's housing problems. Proposition 46 is a proposal that finally brings resoumes from the state to the table. It is incumbent on city officials to support this effort by the state. The League's grassroots program will be asking city officials, especially the elected officials of our communities, to work in support of Proposition 46. The effort will involve coalition building with other community-based organizations with an interest in the housing problems of the community. It will also involve media contacts, media events and editorial board visits and close work with housing advocates in local communities who have labored long and hard to improve the housing situation in California. Please work with the League Regional Representatives in your area and lend support and time to this effort. The reward to your communities will be worth the investment. Some Hard Facts About California's Housing Crisis Across California, the average home price now stands at $321,000 -- up more than 25 percent from a year ago. Just 27 percent of California households can afford to buy their own home, a drop from the 34 percent of last year. One-third of all renters spend more than 50 percent of their income for housing. Families, battered women, Iow-income seniors, laid-off workers with few resources too often find themselves out on the street without shelter. Last year, 23,000 women and children were turned away from domestic violence shelters in California because of a lack of space. According to the State Department of Housing, ever 360,000 Californians are homeless and the numbers are rising. Additionally, homeless and domestic violence facilities are in disrepair and severely impacted. The old stereotype of a "typical" homeless person was a single man on the streets. Today, one of the fastest growing populations among the homeless is families with children. Rising unemployment rates, couples with escalating housing costs, are putting more and more working families at risk of losing their homes. Homelessness is devastating for children, who not only lose their home but also their school community when they don't have a permanent address. Proposition 46 sets aside $195 million to build emergency shelters and $910 million to build permanently-affordable rental housing for families with children. While Proposition 46 targets Iow and moderate-income Californians who need a helping hand to afford a decent place to live, it also brings a higher standard to our communities. Specifically, it will provide clean and safe rental housing for seniors; double the number of emergency shelter beds for homeless families, including battered women and children; and provide down payment assistance to teachers, police officers, §refighters, veterans, and other Iow- to moderate-income homebuyers. Additionally, it will give Iow-income families the chance to own their own homes through "sweat equity"; erect housing for agricultural workers; make rental housing accessible for persons with disabilities and fund construction of student housing for Iow-income U.C. and C.S.U. students. Page 3 of 13