Prop 1 – The Veterans and Affordable Housing Bond Act of 2026 (SUPPORT)
Background
- Prop 1 would authorize $11.25 billion in bond funding for programs that build and preserve affordable homes and expand homeownership opportunities.
- Money from the bond will go to existing housing programs including the Multifamily Housing Program, CalHome, the Joe Serna Jr Farmworker Housing Grant Fund, the Tribal Housing Grant Program, and the Home Purchase Assistance Fund.
- These programs will create and preserve housing in the state and help seniors, veterans, and underserved communities afford housing.
Why SBC is Supporting Prop 1
- Passing Prop 1 is critical to advancing California’s housing goals. Prop 1 would provide much-needed sustained investment in housing programs and projects across the state. Progress without it would be much more challenging, as funding for many housing programs has been exhausted. The last housing bond has run out of money, and the 2026-27 Budget only included a one-time investment in two affordable housing programs, leaving many other programs without funds.
- California continues to face a housing crisis: only 22% of California households can afford a median-priced home, over 50% of renters spend over 30% of their income on rent, and the state still has a shortage of millions of homes. In the midst of this crisis, now is not the time to stop investing in housing. California must commit to long-term, sustainable funding for affordable housing to make meaningful lasting progress.
Implications for the Sierra
- The Sierra faces unique barriers to homeownership and housing construction, including wildfire risk, rising insurance costs, geographic constraints, and steep cost-of-living increases in resort communities. The region has benefited from investments made through the 2018 housing bond, and Prop 1 will provide an important source of funding to advance regional housing projects and support vulnerable communities across the Sierra.
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California’s 2026-27 legislative session wrapped up September 1 after a turbulent final week of negotiations over wildfire policy, funding, and the state budget. While a last-minute proposal on wildfire liability ultimately stalled, the Legislature did restore and increase funding for climate resilience through Proposition 4 and the Greenhouse Gas Reduction Fund (GGRF)—a meaningful outcome for Sierra communities amid a challenging state budget year.
The final plan includes $329.5 million for wildfire and forest resilience through Prop 4 and $118 million for wildfire prevention through GGRF. While these investments are an improvement over the June budget, wildfire resilience funding remains near historic lows, with no clear plan for sustained investment in future years.
Read more about the final budget, Prop 4 and GGRF allocations, and what’s next for wildfire and climate resilience in the Sierra.