California Proposition 5, Cal-First Home Buyers Act (1982)
Proposition 5 authorized the State of California to issue and sell $200 million in state general obligation bonds. The money raised by the bond sale was administered through the California Housing Finance Agency to provide housing mortgage loans under the Cal-First Home Buyers Act.
Proposition 5's official ballot summary said:
- "This act provides for a bond issue of two hundred million dollars ($200,000,000) to provide funds for financing housing."
The fiscal estimate provided by the California Legislative Analyst's Office said:
- "The fiscal effect of this measure can be separated into three components:
- 1. Debt service. Assuming that bonds sold under this program carry an interest rate of 11 percent -- the legal maximum for general obligation bonds -- and a 30-year term, the interest on the $200 million in bonds would be approximately $341 million. Thus, the principal and interest cost to the state of the bonds authorized by this measure could total $541 million. This cost would be paid by the State General Fund. In future years revenues derived from loan repayments would reduce the net cost to the General Fund.
- 2. Cost of financing other state/local programs. If the sale of bonds authorized by this measure results in a higher overall interest rate on bonds issued to finance other state and local programs, state and local borrowing costs would be increased by an unknown amount.
- 3. State revenue loss. The interest paid to holders of the bonds authorized by this measure would be exempt from the state personal income tax. Therefore, to the extent that California taxpayers purchase these bonds in lieu of taxable bonds, there would be a loss of income tax revenue to the state. Any such loss probably would be minor.
Path to the ballot
The California State Legislature voted to put Proposition 5 on the ballot via Assembly Bill 3507 (Statutes of 1982, Ch. 320).
- Website of the California Housing Finance Agency
- Website of Cal-First
- Hastings California I&R database/Proposition 4
- California Law Library, June 8, 1982 ballot propositions
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