City Council
MEETING DATE: 8/8/2018
TITLE:
Title
Support for Proposition 1
End
FROM:
Charles McClendon, City Manager
RECOMMENDATION:
Recommendation
This item is presented for information, discussion and direction only.
Body
BACKGROUND:
CM Aguilar requested a study session item, so Council can discuss Proposition 1, which will be on the November ballot in California. The legislature passed the enabling legislation for the proposition in September 2017 and on September 29, 2017, Governor Brown signed the bill, certifying the measure for the ballot.
DISCUSSION:
Proposition 1 would authorize $4 Billion in general obligation bonds for housing-related programs, loans, grants and projects and housing loans for veterans. More information and the full text of the legislation can be found at:
<https://ballotpedia.org/California_Proposition_1,_Housing_Programs_and_Veterans%27_Loans_Bond_(2018)>
FISCAL IMPACT:
No immediate impact, the Housing Successor Agency or development partners might be eligible for grants or loans for qualifying projects if the bond is approved by the voters.
ATTACHMENTS:
Prop 1