CA SB5

Authorizes issuance of $6,500,000,000 in state general obligation bonds to fund affordable rental housing and homeownership programs.

Creates the Affordable Housing Bond Act Trust Fund of 2022 to receive bond proceeds and allocate funds to housing programs, with the Legislature to determine specific program allocations.

Requires submission of the bond measure to voters at the November 8, 2022 statewide general election.

Bonds will mature no later than 35 years from issuance date, with principal and interest paid annually from state revenues appropriated from the General Fund.

Declares legislative intent to develop high-road labor policies using skilled construction workforce for projects funded by bond proceeds.