Voters Pass Measure To Provide Bond Money For Veteran Housing
Tuesday, June 3, 2014
LOS ANGELES — Voters approved the re-purposing of $600 million in general obligation bonds to help fund construction of rental housing for low-income veterans and their families across the state on Tuesday.
Proposition 41 was leading 67 percent-33 percent with 8.2 percent of the precincts statewide partially reporting, according to figures released by the Secretary of State's Office.
California voters have approved all 28 veterans housing bond measures.
The measure will redirect two-thirds of the amount of a bond issue approved by voters in 2008 that could previously have only been used to fund home loans for veterans.
The Veterans Housing and Homeless Prevention Bond Act of 2014 will increase state bond repayment costs averaging about $50 million annually over 15 years, according to the Legislative Analyst's Office. The bonds will be repaid from general tax revenues.
Proposition 41 will allow the state to provide local governments, nonprofit organizations and private developers with financial assistance, such as low-interest loans, to fund part of a project's costs. At least half the funds will go toward housing homeless veterans and veterans at risk of becoming homeless.
The measure requires services for programs addressing homeless veterans and those at risk of becoming homeless be provided in the facilities built.
It was opposed by the Green Party of California, which believed a revised version should have been placed on the November ballot with provisions added calling for the proposed housing to be placed close to jobs and public transportation; preventing undue profiteering by private builders, developers and financiers; assuring that companies providing management services to senior citizens and low-income renters would not shift funds toward profits before providing housing; ensuring adequate state staffing to oversee management services; and establishing a publicly owned state bank or authorizing a feasibility study to start one.
There was no organized opposition to Proposition 41.
The legislation putting Proposition 41 on the ballot passed both houses of the Legislature without any no votes.
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