Rendon, de León Announce Housing Bond Agreement

Monday, August 28, 2017

$4 billion bond includes additional $1 billion for veteran housing

SACRAMENTOSenate President pro Tempore Kevin de León (D-Los Angeles) and Assembly Speaker Anthony Rendon (D-Lakewood) today announced that agreement has been reached on legislation that will provide a $4 billion infusion of funding for affordable housing from bond sales.

Senate Bill 3 (Beall) proposes $4 billion in bonds for affordable housing, including $1 billion to extend the CalVet Home Loan Program, which is currently scheduled to expire in 2018.

“The housing crisis not only hurts millions of Californians trying to pay the rent or buy a home, it is a drain on our economy and a danger to our future,” Speaker Rendon said. “The bond agreement we have reached provides badly needed funding to help Californians, including our veterans, find safe, affordable housing. We’ve said before: it shouldn’t cost an arm and a leg to put a roof over your head – and this agreement will make housing more affordable for many Californians.”

“We cannot continue to ignore California’s startling lack of affordable housing,” Senate Leader de León said. “In too many of our cities, teachers, police officers, firefighters and service workers – the people we rely on every day to keep us safe, feed us and educate our kids – can’t even afford to live in the communities they serve. This agreement is not a fix-all, but the immediate $4 billion investment will bring down the cost of housing and prevent further harm to our economy and quality of life.”

SB 3 is expected to be taken up in the Senate and Assembly prior to the end of the legislative session on September 15.