SACRAMENTO — Assemblymember Jacqui Irwin (D-Thousand Oaks) , Chair of the Assembly Veterans Committee, announced that the Assembly has secured an additional $1 billion in the Affordable Housing Bond agreement to extend the Cal-Vet Home Loan Program, which is currently scheduled to expire in 2018.
“After returning from service, our veterans face unique challenges when finding suitable housing,” Irwin said. “Extending the Cal-Vet Loan Program helps ensure our veterans and their families can live in safe, affordable housing. As we work to solve California’s housing crisis, this additional funding not only helps our veterans, it will free up $1 billion from the general affordable housing funding pool.”
The Assembly’s action increases the amount of housing bonds authorized in Senate Bill 3 from $3 billion to $4 billion.
Irwin, who had previously introduced legislation to extend the Cal-Vet Loan program, noted that the additional $1 billion for the program builds on the Assembly’s history of supporting housing for veterans, including creating the Veterans Housing and Homeless Prevention Bond in 2014.
The Cal-Vet Loan Program was first established in 1921. Since that time the program has assisted more than 420,000 veterans to purchase homes.
Assemblymember Irwin’s website: http://asmdc.org/irwin.