The City Council on Tuesday formally endorsed Proposition 1, an $11.25 billion statewide housing bond on the Nov. 3 ballot that would fund affordable homes, homebuyer assistance and homelessness programs.
The resolution passed unanimously on the consent calendar, formalizing the council’s earlier backing of the measure.
If California voters approve it, the bond would fund construction and preservation of affordable homes, homebuyer assistance and programs aimed at addressing homelessness. Riverside could access some of those programs, though the city’s report and resolution do not specify how much funding would come to the community.
Mayor Patricia Lock Dawson brought the resolution forward to formalize the city’s support for funding aimed at addressing homelessness. She also chairs the Big City Mayors coalition, has led that group’s support for Prop. 1 and views homelessness as one of the most pressing challenges facing cities today, according to the report.
According to the resolution, Prop. 1 would provide $1.1 billion statewide for homeownership and down-payment assistance, which Riverside could access to help residents purchase homes. Another $1.25 billion would be dedicated to veterans’ housing and homeownership opportunities, including the CalVet Home Loan Program.
The measure would also provide $350 million for affordable student housing, split between the University of California and California State University systems, and $500 million for infrastructure such as water, sewer, parks and other community improvements.
Prop. 1, formally known as the Veterans and Affordable Housing Bond Act of 2026, would authorize state general obligation bonds. The resolution says it includes public reporting and accountability requirements to show voters where homes are built and what they cost.
The council’s endorsement does not commit city funds. The mayor’s report says the vote has no fiscal impact.
Estimates of California’s housing shortage generally exceed 1 million homes, and the state has identified a need for about 1.2 million more homes affordable to lower-income residents, according to the report.
The mayor’s report explains why state funding matters for affordable housing: Developers often cannot cover the cost of land, financing and construction while keeping rents affordable. Public subsidies help close that gap.
The resolution points to a goal familiar to many residents: helping people afford to live where they work. It says the measure would help teachers, firefighters, law enforcement officers and nurses find homes in the communities they serve.
California voters approved a $4 billion veterans and affordable housing bond in 2018, but most of those resources were committed within several years because of high demand, according to the report.
