California is home to the largest veteran population in the nation. Unfortunately, many of them experience homelessness on any given night. Homeless veterans are overrepresented in the homeless population and veteran status is associated with a higher risk of homelessness.
In 2008, California voters approved Proposition 12, the Veteran’s Bond Act of 2008, authorizing $900 million in general obligation bonds intended to help veterans purchase single family homes, farms, and mobilehomes through the California Department of Veterans Affairs (CalVet) Home Loan Program. As a result of the nation’s economic crisis and the State’s housing downturn, coupled with the changing demographics of our veterans, the CalVet Home Loan Program has not experienced the demand that was originally projected before the downturn.
In 2013, AB 639 (Chapter 727, Statutes of 2013, Pérez) restructured the Veteran’s Bond Act of 2008 authorizing $600 million in existing bond authority to fund multifamily housing for veterans. With the approval of Proposition 41 by California voters on June 3, 2014, the Department of Housing and Community Development (HCD), in collaboration with the California Housing Finance Agency (CalHFA) and CalVet, is in the process of designing, developing, and administering a veteran multifamily housing program pursuant to AB 639 (Chapter 727, Statutes of 2013, Pérez).
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