If the initiative is approved by the state’s voters, it will:
- Amend the Veterans’ Bond Act of 2008 to reduce the amount of authorized bonds from $900 million to $300 million.
- Enact the Veterans Housing and Homeless Prevention Bond Act of 2014 to authorize $600 million in bonds to provide multifamily housing, such as apartment complexes, to low-income veterans and supportive housing for homeless veterans.
- Authorize the legislature to amend the bond act by majority vote.
- Impose reporting requirements on the Department of Housing and Community Development and the Department of Veterans Affairs to evaluate any program established by the VHHPA.
- Authorize the Department of Housing and Community Development to provide specified assistance to veterans.
The measure would authorize the state to provide local governments, nonprofit organizations, and private developers with financial assistance, such as low-interest loans, so that they may construct, renovate and acquire affordable multifamily housing for low-income veterans and their families. “Low-income” is here defined as “those who earn less than 80 percent of average family income, as adjusted by family size and county.” At least one-half of the funds would be used to build supportive housing for homeless veterans.
The allocation from the general tax revenues would average about $50 million annually for 15 years. The amount spent on these programs would be less than one-tenth of one percent of the state budget each year for 15 years.
- Party: Other