Secretary of State No.

425

Description

Housing Assistance Bonds. Appropriations. Initiative Statute. Authorizes Issuance Of $850 Million Dollars In General Obligation Bonds To Provide Funds For Emergency Shelters For The Homeless, Rehabilitation Of Homes And Rental Housing, Help For First-Time Homebuyers, And Rental Housing For The Elderly, Disabled, Farmworkers, And Others. Creates State "Housing Committee" To Issue And Sell Bonds. Deposits Funds In New "Home Building Fund" And Provides For Allocation For Housing Related Expenditure In Accordance With Stated Formula. Appropriates State General Fund Moneys To Pay Principal And Interest On Bonds When Due And Payable. Establishes Programs For Family-Housing And First-Time Homebuyers. Contains Other Provisions. Summary Of Estimate By Legislative Analyst And Director Of Finance Of Fiscal Impact On State And Local Governments: Making Reasonable Assumptions, The State Would Incur General Fund Costs Of $850 Million To Repay The Bond Principal And $714 Million In Interest Charges, Resulting In An Average Annual Debt-Service Cost Of $78.2 Million Over 20 Years. Annual State Administrative Costs Are Estimated At $3 Million To $4 Million. State Could Incur Unknown Costs For Interest Payments On Bond Program Loans. Also, State Might Have Slightly Higher Costs In Future Bond Sales And Lower Income Tax Revenues To The Extent California Taxpayers Buy Such Bonds Instead Of Taxable Investments.

Proponents

Marcus B. Brown Jr. California Coalition for Rural Housing, 1050 Redwood Highway, Mill Valley, California 94941 (415) 381-1706

Date

12-18-1987

Document Type

Initiative

Qualified

Failed to Qualify

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