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Official Title and Summary
Prepared by the Attorney General
Housing and Emergency Shelter Trust Fund Act of 2002.
- Creates trust fund to: provide 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 homeless and mentally ill; repairs/accessibility improvements to apartments for families and handicapped citizens; military veteran homeownership assistance; and security improvements/repairs to existing emergency shelters.
- Funded by bond issue of two billion one hundred million dollars ($2,100,000,000).
- Makes cities and counties eligible to receive specified funds.
- Subjects expenditures to independent audit.
- Appropriates money from state General Fund to repay bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government
Fiscal Impact:
- State cost of about $4.7 billion over 30 years to pay off both the principal ($2.1 billion) and interest ($2.6 billion) costs on the bonds. Payments of about $157 million per year.
Final Votes Cast by the Legislature on SB 1227 (Proposition 46)
| Assembly: |
Ayes 54 |
Noes 21 |
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| Senate: |
Ayes 27 |
Noes 11 |
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