Title
Adoption of Resolution Supporting Proposition 1, “Veterans and Affordable Housing Bond Act of 2026,” on the November 3, 2026, California Statewide Ballot. (City Manager 10021030)
Body
To: Honorable Mayor and Members of the City Council
From: Gerry Beaudin, City Manager
EXECUTIVE SUMMARY
Proposition 1, the Veterans and Affordable Housing Bond Act of 2026 (Proposition 1), will appear on the November 3, 2026, California statewide ballot and will authorize the issuance of $11.25 billion in state general obligation bonds for housing purposes. If passed, Proposition 1 has the potential to provide funding for several affordable housing projects in Alameda and assist with housing for more than 80,000 households statewide. Support for this proposition is consistent with both the City of Alameda’s (City) Legislative Agenda and the Strategic Plan priority to “House All Alamedans and End Homelessness.”
BACKGROUND
Proposition 1: Veterans and Affordable Housing Bond Act of 2026
The state uses general obligation bonds to fund various housing programs. Bonds are a way for the state to borrow money to cover the upfront costs of a development and then repay the money plus interest over time.
Proposition 1 would authorize $11.25 billion in state general obligation bonds for housing affordability programs. This amount consists of (1) a $10 billion bond for a variety of housing programs that would be repaid by the State’s General Fund and (2) a $1.25 billion bond that would be repaid by veterans’ payments on their home loans.
According to the nonpartisan Legislative Analyst’s Office, Proposition 1 would provide subsidies for as many as 40,000 multifamily rental units and about 1,200 beds for university students. The funds could also help up to 40,000 households, including about 2,100 veterans, with homeownership. Additionally, the measure would provide funding to support the development of housing for youth and veterans and to promote homeownership in California. T...
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