PROP
41
Veterans Housing and Homeless Prevention Bond Act of 2014.
OFFICIAL TITLE AND SUMMARY
PREPARED BY THE ATTORNEY GENERAL
VETERANS HOUSING AND HOMELESS PREVENTION BOND ACT OF 2014.
- Authorizes $600 million in general obligation bonds for affordable multifamily supportive housing to relieve homelessness, affordable transitional housing, affordable rental housing, or related facilities for veterans and their families.
- Provides funding for programs to address homeless veterans and those at risk of becoming homeless and annual evaluations of the effectiveness of housing programs funded by the bonds.
- Appropriates money from General Fund to pay off bonds.
Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:
- Increased state bond repayment costs averaging about $50 million annually over 15 years.
State Bond Cost Estimates
| Authorized borrowing |
$600 million |
| Average annual cost to pay off bonds |
$50 million |
| Likely repayment period |
15 years |
| Source of repayment |
General tax revenues |
FINAL VOTES CAST BY THE LEGISLATURE ON AB 639 (PROPOSITION 41)
(Chapter 727, Statutes of 2013)
| Senate: |
Ayes 36 |
Noes 0 |
| Assembly: |
Ayes 78 |
Noes 0 |