Rahul Sharma (Editor)

California Proposition 46

Updated on
Edit
Like
Comment
Share on FacebookTweet on TwitterShare on LinkedInShare on Reddit

Proposition 46 was a California ballot proposition on the November 5, 2002 ballot. The official title was Housing and Emergency Shelter Trust Fund Act of 2002. It passed with 3,984,121 (57.6%) votes in favor and 2,942,851 (42.4%) against. It was placed on the ballot by a vote of the California State Legislature on SB 1227.

The question before voters was:

Should the state create a trust fund by selling two billion one hundred million dollars ($2,100,000,000) in general obligation funds to fund twenty-one types of housing programs—including multifamily, individual and farmworker housing?

Official summary

  • Creates trust fund to: provide shelters for battered women; clean and safe housing for low-income senior citizens; emergency shelters for homeless families with children; housing with social services for homeless and mentally ill; repairs/accessibility improvements to apartments for families and handicapped citizens; military veteran homeownership assistance; and security improvements/repairs to existing emergency shelters.
  • Funded by bond issue of two billion one hundred million dollars ($2,100,000,000).
  • Makes cities and counties eligible to receive specified funds.
  • Subjects expenditures to independent audit.
  • Appropriates money from state General Fund to repay bonds.

    • Summary of Legislative Analyst's Estimate of Net State and Local Government Fiscal Impact:

  • State cost of about $4.7 billion over 30 years to pay off both the principal ($2.1 billion) and interest ($2.6 billion) costs on the bonds. Payments of about $157 million per year.

    • References

    California Proposition 46 Wikipedia
    (Text) CC BY-SA