California Construction News staff writer
California leaders on Friday agreed to place a $11.25 billion housing bond on the November 2026 ballot, a sweeping proposal aimed at expanding homeownership opportunities and increasing the supply of affordable housing across the state.
The bond would generate tens of thousands of construction jobs as new housing projects move forward across California, officials said.
The proposed Veterans and Affordable Housing Bond Act of 2026 would fund construction, rehabilitation and preservation of affordable housing, while also supporting down payment assistance and other programs designed to help first-time buyers, veterans and lower- to moderate-income households.
The agreement was reached by Gov. Gavin Newsom, the state Senate and the state Assembly, and would take effect only if approved by lawmakers and later by voters.
“Today’s agreement builds on our work with the Legislature to expand opportunity and make homeownership and affordable housing more attainable for Californians,” Newsom said in a statement. “For far too long, our state failed to build enough housing to meet the needs of growing families and communities.”
Supporters say it would help more than 40,000 Californians purchase homes through down payment assistance and affordable mortgage financing programs. It would also support the construction and preservation of tens of thousands of affordable rental units, with affordability requirements lasting at least 55 years.
“We’ve cut red tape, fast-tracked construction, protected renters. And now, we’re going bigger,” said Assembly Speaker Robert Rivas. “This is California delivering.”
If approved by the Legislature and signed by the governor, the measure will be placed before voters in November 2026.
