California has taken a major step toward tackling its housing affordability crisis with a proposed $11.25 billion bond measure set for the November 2026 ballot. Known as the Veterans and Affordable Housing Bond Act of 2026, the initiative would fund a wide range of housing efforts, including building new affordable homes, preserving existing units, and expanding homeownership opportunities.

The proposal places a strong emphasis on helping veterans, first-time buyers, and lower- and middle-income households, while also supporting housing for farmworkers, tribal communities, students, and people experiencing homelessness. Officials estimate the bond could help more than 40,000 people purchase homes and support the creation or preservation of tens of thousands of affordable housing units that would remain affordable for decades.

In addition to increasing housing supply, the investment is expected to attract additional funding, leveraging roughly $4 in outside investment for every $1 spent by the state. Leaders say the initiative builds on recent housing reforms and represents a long-term strategy to make California more affordable and accessible for future generations.

CCAH is proud to have supported this measure as it made its way through the legislative process, we look forward to supporting the measure as it goes to the voters of California for final approval.