Social Housing Bond Act of 2026.
Vote required
Two Thirds
Fiscal committee
No
Appropriation
No
Current location
Housing and Community Development
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Assembly
- Passed Senate
- To Governor
- Became Law
Overview
This bill, the Social Housing Bond Act of 2026, aims to address California’s housing crisis by authorizing the issuance of $950 million in bonds. These bonds would fund the creation of the California Housing Authority, which would be responsible for developing and managing social housing projects. The goal is to provide affordable housing options for low- and extremely low-income households, aligning with successful models in other cities and aiming for a 30% housing cost burden limit by 2050.
Key provisions
- Authorizes the issuance of $950 million in bonds through a statewide election.
- Creates the California Housing Authority to oversee social housing development and acquisition.
- Establishes the Social Housing Revolving Loan Fund to provide zero-interest loans for construction.
- Defines ‘social housing’ with specific characteristics, including public ownership, mixed-income units, and tenant protections.
- Sets a goal of limiting household housing costs to 30% by 2050.
- Requires social housing developments to align with regional housing needs assessments.
- Creates a Social Housing Bond Trust Fund to manage bond proceeds.
- Provides for the submission of the bond act to voters at the November 3, 2026, election.
Who is affected
- Low-income households
- Very low-income households
- Extremely low-income households
- California residents experiencing housing burden
Bill text
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Sponsors
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1 on record
Primary sponsor
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