AB-590 • 2026

Social Housing Bond Act of 2026.

Budget Elections Housing

Passed Legislature

This bill passed both chambers and reached final enrollment, even if later executive action is not shown here.

Sponsor: Lee
Last action: 2026-02-02
Official status: From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
Effective date: Not listed

Plain English Breakdown

The bill text does not specify how much money will be available for each type of housing project, leaving this detail uncertain.

Social Housing Bond Act of 2026

The Social Housing Bond Act of 2026 proposes a bond measure to fund housing programs for low-income residents and requires voter approval in the November 3, 2026 election.

What This Bill Does

Creates a new law called the Social Housing Bond Act of 2026 that asks voters if they want to approve $950 million in bonds.
Sets up the California Housing Authority and its board to oversee housing projects for low-income people.
Establishes a fund with zero-interest loans to help build homes for different income levels.
Requires voter approval before any money can be spent from these bonds.

Who It Names or Affects

People who need affordable housing in California.
The state government and local agencies involved in building or managing housing projects.

Terms To Know

Social Housing: Housing that is built to help people with low incomes find a place to live.
Bonds: Money borrowed by the government from investors and paid back over time, often used for big projects like building houses or roads.

Limits and Unknowns

The bill needs voter approval before it can take effect.
It does not specify how much money will be available for each type of housing project.

Bill History

2026-02-02 California Legislative Information
From committee: Filed with the Chief Clerk pursuant to Joint Rule 56.
2026-01-31 California Legislative Information
Died pursuant to Art. IV, Sec. 10(c) of the Constitution.
2025-03-03 California Legislative Information
Referred to Com. on H. & C.D.
2025-02-13 California Legislative Information
From printer. May be heard in committee March 15.
2025-02-12 California Legislative Information
Read first time. To print.

Official Summary Text

AB 590, as introduced, Lee.
Social Housing Bond Act of 2026.
Under existing law, there are programs providing assistance for, among other things, emergency housing, multifamily housing, farmworker housing, home ownership, and downpayment assistance for first-time home buyers. Existing law also authorizes the issuance of bonds in specified amounts pursuant to the State General Obligation Bond Law and requires that proceeds from the sale of these bonds be used to finance various existing housing programs, capital outlay related to infill development, brownfield cleanup that promotes infill development, and housing-related parks.
This bill would enact the Social Housing Bond Act of 2026 which, if approved by the voters, would authorize the issuance of bonds in the amount of $950,000,000 pursuant to the State General Obligation Bond Law, to fund social housing programs, as specified. The bill would create the
California Housing Authority, which would be governed by the California Housing Authority Board, to ensure that social housing developments that are produced and acquired align with specified goals and would authorize the authority to issue the bonds and, upon appropriation of the Legislature, utilize funds from other sources to build more low, very low, and extremely low income housing. The bill would create the Social Housing Revolving Loan Fund to be used, upon appropriation of the Legislature, to provide zero-interest loan for the purpose of constructing housing to accommodate a mix of household incomes.
The bill would provide for the submission of the bond act to the voters at the November 3, 2026, statewide general election.
This bill would declare that it is to take effect immediately as an urgency statute.

Current Bill Text

Read the full stored bill text

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