California Proposition 12

Veterans’ Bond Act of 2008

Summary:

This act provides for a bond issue of nine hundred million dollars ($900,000,000) to provide farm and home aid for California veterans. Fiscal Impact: Costs of about $1.8 billion to pay off both the principal ($900 million) and interest ($856 million) on the bonds; costs paid by participating veterans. Average payment for principal and interest of about $59 million per year for 30 years.

I was unaware of the Cal-Vet Home Loan Program before researching this initiative, but it seems truly incredible.

Since 1921, the Cal-Vet program has issued low-interest rate loans to veterans purchasing homes or farms. As the veterans repay the loans, the payments are sufficient to cover the cost of the bonds as well as the cost of running the program. The program is entirely self-supporting, with no direct cost to the taxpayer.

These new bonds would provide funds for at least 3,600 additional veterans to receive loans.

The men and women who have served this country deserve our support. With a program that is operating so effectively, there is no reason to deny this funding.

I’m voting Yes on Prop 12.

Additional information is available at Ballotpedia.

Comments

Lonna Hanson
says:
October 22, 2008 at 9:57 AM

I agree the men and women who have served this counry deserve our support. It is amazing how well the Cal-Vet program is running. If I could vote in CA I would also vote Yes.
Mom

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