CA AB639

Authorizes issuance of $600,000,000 in state general obligation bonds for multifamily housing to veterans and their families, to be administered by the California Housing Finance Agency, Department of Housing and Community Development, and Department of Veterans Affairs.

Reduces the amount of authorized bonds under the existing Veterans' Bond Act of 2008 from $900,000,000 to $300,000,000, redirecting $600,000,000 to the new housing program while preserving over half a billion dollars for the CalVet Farm and Home Loan Program.

Requires at least 50 percent of capital development funds to serve veteran households with extremely low incomes, with 60 percent of those units designated as supportive housing combining housing with services such as job training, mental health treatment, and case management.

Mandates departments enter into a memorandum of understanding by August 15, 2014, establishing roles and responsibilities, and requires annual reporting to evaluate program effectiveness in collaboration with the Department of Veterans Affairs.

Submits the bond measure to voters at the June 3, 2014, statewide primary election, with the act taking effect immediately as an urgency statute.