California Leaders Announce Historic Veterans and Affordable Housing Bond Act of 2026 to Expand Homeownership, Build Affordable Housing for Generation of Californians

What you need to know: The Senate, Assembly, and Governor today agreed to place a historic, $11.25 billion housing affordability bond on the November 2026 ballot. The bond would make long-term investments in affordable housing and homeownership, accelerating housing production while creating lasting housing opportunities for Californians.

SACRAMENTO – On Monday, the Senate, Assembly, and Governor’s Office announced a three-party agreement to place before California voters a proposed affordable housing and homeownership bond that would fund housing construction, preserve affordable housing, and expand homeownership opportunities. 

The Veterans and Affordable Housing Bond Act of 2026 is a historic, $11.25 billion investment that will fast-track the construction, rehabilitation, and preservation of affordable housing, support homeownership programs, and provide funding for a variety of state housing initiatives.

Upon passage by the Legislature and signature by the Governor in the coming days, the Act will be placed on the November 2026 ballot.

“The agreement reached today is the reflection of the hard work done in the Legislature to address and respond to the critical housing needs that Californians are facing across the state. The Legislature continues to prioritize access to housing in the Golden State for everyone. Thank you to leaders in both the Senate and Assembly, as well as Speaker Rivas and Governor Newsom, for working together to deliver billions of dollars to support needed housing.”  
 

Senate President pro Tempore Monique Limón

SB 417 allocates a significant amount of resources to help our most vulnerable communities with housing. That includes $5.1 billion to the Multifamily Housing Program, which requires new developments to keep at least 10% of units affordable to extremely low-income families. In addition, the bond invests $1.25 billion in funding to support the CalVet Home Loan Program to provide low-cost mortgages to veterans without dipping into the General Fund. 

“Today’s agreement builds on our work with the Legislature to expand opportunity and make homeownership and affordable housing more attainable for Californians. For far too long, our state failed to build enough housing to meet the needs of growing families and communities. We’re once again turning the page on decades of inaction and making bold investments needed to tackle one of our state’s greatest challenges. California’s future depends on whether people can afford to put down roots, raise a family, and build a life here. Through this historic bond, we’re giving voters the opportunity to help more Californians achieve homeownership, expand access to affordable housing, and give more families a real shot at the California Dream.”
 

Governor Gavin Newsom 

 

“California has been building toward this moment. We’ve cut red tape, fast-tracked construction, protected renters. And now, we’re going bigger: $11.25 billion for affordable housing to expand homeownership for veterans and working families, drive down costs and prove that the door to opportunity is open to everyone. This is California delivering.”
 

Speaker of the Assembly Robert Rivas

WHAT YOUR LEGISLATIVE LEADERS ARE SAYING

“With one vote, California will build tens of thousands of new homes, prevent existing affordable housing from disappearing, and help Californians who need a hand to buy a home or partner with organizations like Habitat for Humanity. The legislation builds rooftops for homeless and foster youth, students, and farmworkers, and supports our veterans with the largest-ever investment in the CalVet home loan program.” 

– Senator Christopher Cabaldon (D-Yolo)
 

“We all know the stats in California—two thirds of lower-income renters are rent-burdened, 170,000 people are unsheltered, and we are 1.2 million units short of the affordable housing we need. But what gets lost when we’re counting housing units and debating dollars and cents is that we’re really talking about families who need a roof over their heads. Time and time again, we say that housing affordability and homelessness are top priorities, so it’s incumbent on us to put our money where our mouth is and invest in housing programs that have proven their ability to deliver real results. What we can’t afford is to wait.”

—Assemblymember Buffy Wicks (D-Oakland) 

For a full breakdown of the bond, please click here. 

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