Put on the Ballot by the Legislature
This act provides for the Housing and Emergency Shelter Trust Fund Act of 2002. For the purpose of providing shelters for battered women, clean and safe housing for low-income senior citizens, emergency shelters for homeless families with children, housing with social services for the homeless and mentally ill, repairs and accessibility improvements to apartments for families and handicapped citizens, homeownership assistance for military veterans, and security improvements and repairs to existing emergency shelters, shall the state create a housing trust fund by issuing bonds totaling two billion one hundred million dollars ($2,100,000,000), paid from existing state funds at an average annual cost of one hundred fifty seven million dollars ($157,000,000) per year over the 30-year life of the bonds, with the requirement that every city and county is eligible to receive funds as specified in the measure and with all expenditures subject to an independent audit?
What Your Vote Means
A YES vote on this measure means: The state could sell $2.1 billion in general obligation bonds to support various housing programs.
A NO vote on this measure means: The state could not sell $2.1 billion in general obligation bonds for these purposes.
Proposition 46 provides emergency shelters for battered women, affordable housing for seniors, low-income families, homeless shelters with social services; paid out of existing state resources without raising taxes; endorsed by AARP, Congress of California Seniors, League of Women Voters of California, California Chamber of Commerce, California State Sheriffs Association.
This bond will provide $2.1 billion for housing projects, but will cost taxpayers approximately $3.36 billion to pay off. It will provide only miniscule benefits to first-time homebuyers and will do NOTHING to remove the bureaucratic and regulatory barriers to affordable housing throughout California.
For Additional Information
Yes on Proposition 46/Housing California
926 J Street, Suite 1400
Sacramento, CA 95814
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