Proposition 123: Dedicate Revenue for Affordable Housing Programs

The creation of the State Affordable Housing Fund, which would use one-tenth of one percent (0.1%) of state income tax revenue to fund affordable housing programs, including. Provide grants to local governments and loans to nonprofit organizations to buy and maintain land to develop affordable housing. Create an affordable housing equity program to ensure rent in multi-family rental units is no higher than 30% of a household's income. Create a concessionary debt program to finance the development of low- and middle-income multi-family rental units and existing affordable housing projects. Create an affordable home ownership program that provides down-payment assistance for homebuyers that meet the income requirements. Create a grant program for local governments to increase capacity to process land use, permitting, and zoning applications for housing development projects. Create a program to provide rental assistance and housing vouchers for homeless people.