Assembly Delivers Historic Affordable Housing Bond to Build Homes Faster, Lower Costs for Families, Veterans and Generations of Californians

Assembly Democrats passed the $11.25 billion Veterans and Affordable Housing Bond Act of 2026 on Thursday - one of the largest housing affordability investments in state history. It builds on the Assembly's groundbreaking solutions that speed-up housing construction and lower costs by doubling-down on affordable homes. With the Governor's signature, it will appear on the November ballot.

SACRAMENTO - Assembly Democrats on Thursday took one of the boldest steps in California history to improve housing affordability, voting to pass the $11.25 billion Veterans and Affordable Housing Bond Act of 2026 that fast-tracks construction and expands homeownership opportunities for veterans, military families and working Californians.

The Veterans and Affordable Housing Bond Act builds on the Assembly's groundbreaking action under Speaker Robert Rivas' leadership to build homes faster, lower costs and make the dream of homeownership attainable for all California families - a major step forward in the Assembly's larger effort to tackle the cost-of-living from every angle.

Upon signature by Governor Gavin Newsom, the Act will be placed on the November 2026 ballot.

What Assembly Leaders Are Saying

"This is a historic moment. After groundbreaking reforms to speed-up construction, slash red tape, and protect renters, we're going further - committing $11.25 billion to affordable housing and unlocking real opportunity for veterans, working families, and every Californian who deserves a place to call home."

-Speaker of the Assembly Robert Rivas

"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)

About the Veterans and Affordable Housing Bond Act

The Veterans and Affordable Housing Bond Act of 2026 includes:

• $1.25 billion in self-supporting revenue bonds for the CalVet Home Loan Program, expected to help veterans and military families achieve homeownership. These bonds are repaid entirely through mortgage payments and do not rely on taxpayer funding.
• $10 billion in voter-approved general obligation bonds to finance the construction, rehabilitation, acquisition and preservation of affordable housing for lower-income Californians.
• Investments in the Multifamily Housing Program, the state's flagship affordable housing program.
• Targeted investments to expand affordable housing and homeownership opportunities for Californians with the greatest housing needs, including farmworkers, tribal communities, college students, homeless and at-risk youth, lower-income households and moderate-income first-time homebuyers.
• Tens of thousands of high-paying construction jobs.
• The bond is expected to help more than 40,000 Californians purchase a home by providing down payment assistance, affordable mortgage financing and other homeownership support.

These investments will help veterans, first-time and lower- to moderate-income homebuyers overcome the upfront costs of purchasing a home and make homeownership more attainable.

It will also support the creation or preservation of tens of thousands of affordable homes for lower-income Californians, including seniors, farmworkers, veterans and people experiencing or at risk of homelessness. Because these homes must remain affordable for at least 55 years, the bond represents a long-term investment that will expand housing opportunities and strengthen California communities for generations to come.

The bond will support tens of thousands of high-paying construction jobs as new housing is built across California. It is also designed to maximize taxpayer dollars by leveraging significant outside investment: for every $1 invested by the state, an estimated $4 in federal tax credits, local funding, private financing, and resident rents will help finance these developments, allowing California to build substantially more housing than state dollars alone could support.