SB-417 • 2026

The Affordable Housing Bond Act of 2026.

Elections Housing

Passed Legislature

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

Sponsor: Cabaldon
Last action: 2026-05-18
Official status: Read second time. Ordered to third reading.
Effective date: Not listed

Plain English Breakdown

The exact distribution of funds among specific programs like Multifamily Housing, CalHome, and Farmworker Housing Grants is not detailed in the official source material.

Affordable Housing Bond Act of 2026

The Affordable Housing Bond Act of 2026 authorizes the state to issue up to $10 billion in bonds for affordable housing programs.

What This Bill Does

Authorizes the issuance of up to $10 billion worth of bonds.
Uses bond money to fund rental and home ownership programs that help low-income people, including specific programs like Multifamily Housing, CalHome, and Farmworker Housing Grants.

Who It Names or Affects

People who need affordable housing.
Agencies that run housing assistance programs.

Terms To Know

Bonds: Money borrowed by the government to fund projects, which needs to be paid back with interest.
Affordable Housing: Housing that costs less than what low-income families can afford.

Limits and Unknowns

The bill will go to voters for approval in the primary or general election.
It is not clear how much of each program will get funding from these bonds.

Bill History

2026-05-18 California Legislative Information
Read second time. Ordered to third reading.
2026-05-14 California Legislative Information
From committee: Do pass. (Ayes 12. Noes 3.) (May 14).
2026-05-14 California Legislative Information
Joint Rule 62(a) suspended.
2026-05-13 California Legislative Information
May 13 set for first hearing. Placed on suspense file.
2026-04-23 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 10. Noes 2.) (April 22). Re-referred to Com. on APPR.
2026-04-23 California Legislative Information
Coauthors revised.
2026-04-13 California Legislative Information
Referred to Com. on H. & C.D.
2026-01-27 California Legislative Information
In Assembly. Read first time. Held at Desk.
2026-01-27 California Legislative Information
Read third time. Urgency clause adopted. Passed. (Ayes 30. Noes 9. Page 3305.) Ordered to the Assembly.
2026-01-26 California Legislative Information
Read second time. Ordered to third reading.
2026-01-22 California Legislative Information
Read second time and amended. Ordered to second reading.
2026-01-22 California Legislative Information
From committee: Do pass as amended. (Ayes 5. Noes 2. Page 3269.) (January 22).
2026-01-21 California Legislative Information
Set for hearing January 22.
2026-01-20 California Legislative Information
January 20 hearing: Placed on APPR. suspense file.
2026-01-09 California Legislative Information
Set for hearing January 20.
2026-01-07 California Legislative Information
From committee: Do pass and re-refer to Com. on APPR. (Ayes 8. Noes 1. Page 3184.) (January 6). Re-referred to Com. on APPR.
2026-01-05 California Legislative Information
Referred to Com. on HOUSING.
2026-01-05 California Legislative Information
Set for hearing January 6 in HOUSING pending receipt.
2025-02-19 California Legislative Information
From printer. May be acted upon on or after March 21.
2025-02-18 California Legislative Information
Introduced. Read first time. To Com. on RLS. for assignment. To print.

Official Summary Text

SB 417, as amended, Cabaldon.
The Affordable 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 for very low and low-income households, 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 Affordable Housing Bond Act of 2026, which, if adopted, would authorize the issuance of bonds in the amount of $10,000,000,000 pursuant to the State General Obligation Bond Law. Proceeds from the sale of these bonds
would be used to finance programs to fund affordable rental housing and home ownership programs, including, among others, the Multifamily Housing Program, the CalHome Program, and the Joe Serna, Jr. Farmworker Housing Grant Program.
This bill would provide for submission of the bond act to the voters at the
June 2,
November 3,
2026, statewide
primary
general
election, in accordance with specified law.
This bill would declare that it is to take effect immediately as an urgency statute.

Current Bill Text

Read the full stored bill text

Download Bill PDF