Cortese Praises Veterans and Affordable Housing Bond Act of 2026, Highlights Need to Unlock Shovel-Ready Housing Projects

Contact:

Mario B. Lopez, Communications Director

Office of Senator Dave Cortese | District 15

Phone: 408-545-8205 | Email: Mario.lopez@sen.ca.gov 

SACRAMENTO, CA – California State Senator Dave Cortese (D-San Jose) issued the following statement in response to Governor Gavin Newsom, Senate President pro Tempore Monique Limón, and Assembly Speaker Robert Rivas announcing the Veterans and Affordable Housing Bond Act of 2026 (SB 417), a historic $11.25 billion investment to accelerate affordable housing production, preserve existing housing, and expand pathways to homeownership throughout California:

"I commend Governor Newsom, Senate President pro Tempore Monique Limón, and Speaker Robert Rivas for advancing a bold and necessary investment to address California's housing affordability crisis.”

"My commitment to affordable housing began long before I joined the Legislature. As a Santa Clara County Supervisor, I convened a countywide housing task force that brought together business leaders, labor organizations, housing experts, local governments, and homelessness advocates to develop real solutions. That work ultimately led to Measure A, the $950 million affordable housing bond approved by Santa Clara County voters in 2016, which I was proud to champion as campaign chair."

"Measure A demonstrated what is possible when government makes strategic investments in housing. The bond has helped fund thousands of affordable and supportive homes for veterans, seniors, working families, foster youth, survivors of domestic violence, and individuals experiencing or at risk of becoming unhoused. It has exceeded its original goals and transformed lives throughout Santa Clara County."

"Today, California faces a similar opportunity. We have tens of thousands of affordable housing units that are shovel-ready but stalled because financing costs have become prohibitively expensive. That is why I introduced SB 750, legislation that would leverage California's strong credit rating to provide more affordable financing options for housing developers, helping move these critically needed projects from the drawing board to construction."

"The Veterans and Affordable Housing Bond Act complements these efforts by providing the resources necessary to build, preserve, and rehabilitate affordable housing while helping more Californians achieve homeownership. Together, these investments can unlock housing opportunities for generations to come and move us closer to a California where everyone has a safe and affordable place to call home."

Senator Dave Cortese represents Senate District 15, which encompasses San Jose and much of Santa Clara County in the heart of Silicon Valley. Visit Senator Cortese’s website: https://sd15.senate.ca.gov

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