California proposes a constitutional amendment to create a fund for affordable housing and homelessness prevention.

The bill proposes a constitutional amendment to create the Housing Opportunities for Everyone (HOPE) Made Equal (HOME) Account within the General Fund. Beginning in the 2027–28 fiscal year, the Controller will transfer from the General Fund to the HOPE HOME Account a sum equal to or greater than 5% of the estimated amount of General Fund revenues for that fiscal year. The Business, Consumer Services, and Housing Agency will develop a 10-year investment strategy to use the funds to produce affordable housing and end homelessness.

California proposes a constitutional amendment to create a fund for affordable housing and homelessness prevention.

The bill proposes a constitutional amendment to create the Housing Opportunities for Everyone (HOPE) Made Equal (HOME) Account within the General Fund. Beginning in the 2027–28 fiscal year, the Controller will transfer from the General Fund to the HOPE HOME Account a sum equal to or greater than 5% of the estimated amount of General Fund revenues for that fiscal year. The Business, Consumer Services, and Housing Agency will develop a 10-year investment strategy to use the funds to produce affordable housing and end homelessness.