Budget negotiations are in the final stages.
The legislature passed a budget on June 15th, but they can keep negotiating with the governor until July 1st. The governor has proposed gutting affordable housing programs in the budget, so we have depended on our legislative delegation to push back and put housing money back in the budget.
The two houses of our Legislature (the Assembly and the State Senate) have agreed to add
- $900m for Homeless Housing, Assistance, and Prevention (HHAP)
- $500M more for State Low-Income Housing Tax Credits (LIHTC)
- $200m more for Multifamily Housing Program (MHP)
Housing Bond — Will it be on the ballot?
With all the talk about a multi-billion dollar housing bond for more than a year, we hoped and have worked with countless others to get to a point of certainty. Unfortunately, we cannot offer that certainty at the time of writing. That said, we do think it is very likely that a significant housing bond will be on the November 2026 ballot. We should have clarity by June 25th, the last day for legislative measures to qualify for the Nov. 3rd ballot.
Looking Ahead
There are only a couple weeks left until the California Legislature goes on summer recess starting July 2nd. They will reconvene on August 3rd, and then scramble to get bills to the governor before September 1st. The governor will then have until September 30th to sign or veto bills.
Alongside our focus on the budget and the bond, the SV@Home Action Fund also continues to work with coalition partners to support important legislation to address housing needs beyond simple funding at the state level. Stay tuned for more info on how you can help too, especially during and after the sumer recess.