CA SB879

Authorizes issuance of $3 billion in general obligation bonds to fund affordable housing programs, subject to voter approval at the November 6, 2018 statewide general election.

Allocates bond proceeds as follows: $1.5 billion for multifamily housing; $600 million for transit-oriented development and infill infrastructure; $600 million for special populations housing (farmworkers and local housing trusts); and $300 million for home ownership development programs.

Creates the Affordable Housing Bond Act Trust Fund of 2018 to receive and distribute bond proceeds among designated housing programs administered by the Department of Housing and Community Development and California Housing Finance Agency.

Allows the Legislature to amend housing-related laws to improve program efficiency and to reallocate bond proceeds among programs as necessary to promote affordable housing development.

Becomes operative only upon voter adoption and takes effect immediately as an urgency statute.