CA AB1657

Authorizes issuance of $10,000,000,000 in state bonds for affordable housing programs, subject to voter approval at the March 5, 2024 statewide election.

Allocates bond proceeds as follows: $5.25 billion for multifamily housing, $1.75 billion for supportive housing, $1.5 billion for preservation and rehabilitation of existing rental housing, $1 billion for homeownership programs, and $500 million for farmworker housing and tribal housing programs.

Requires at least 10 percent of units in developments receiving multifamily housing funds be affordable to extremely low-income households, and mandates capitalized operating subsidy reserves for supportive housing units.

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

Takes effect immediately as an urgency statute and becomes operative upon voter adoption of the bond measure.