(KMJ) A bond measure with generous intentions but a hefty price tag will go before California voters in 2018. Gov. Jerry Brown and top democratic lawmakers have come to terms on a $4-billion dollar bond measure to address California’s need for affordable housing. Many are calling the situation an absolute ‘crisis’.
Senator Jim Beall (D-San Jose) wrote the legislation, SB 3, dubbed “The Housing Bond Act of 2018”.
“It will create $11 billion in federal tax credits and almost $20 billion in total construction of affordable housing throughout the state of California”, Beall told reporters after the announcement was made late Monday that an agreement on the terms had been reached.
Beall says, if approved by voters next year, SB 3 will create more than 100,000 jobs and build more than 70,000 new homes in the Golden State.
“If you have economic activity tied to the bonds that will help keep our taxes down and we think it’s a wise decision to approve this,” Beall said.
