This obscure proposition attempts to compare itself with the highly successful Cal-Vet Home Loan Program. Don't be fooled; there is no comparison. The Cal Vet program was designed to give California veterans a low interest rate loan to purchase a home and the loan payments have always covered the amount owed on the bonds created for these loans; hence, there is no direct cost to taxpayers.
Proposition 41 desires access to unused portions of the Cal Vet Home Loan bonds to fund local governments, nonprofit organizations, and private developers with financial assistance to construct, renovate or acquire affordable multifamily housing. According to the Legislative Analyst, the cost to taxpayers for repayment of these bonds will average $50 million annually for 15 years. Moreover, a Veterans Finance Committee is created to administer this program at an estimated cost of $30 million.
This proposition leaves us to guess how this money is to be administered; a low interest rate loan is mentioned, but no guidelines are written into this poorly worded proposition. An assistance program for "homeless veterans" is probably needed but this one is just another loosely contrived tax and creates another State beauracracy! Vote NO.