California Proposition 107, Housing Bond Measure (June 1990)

California Proposition 107
Election date June 5, 1990
Topic Bond issues and Housing
Status a Approved
Type Bond issue	Origin State Legislature

California Proposition 107 was on the ballot as a bond issue in California on June 5, 1990. It was approved.

A "yes" vote supported issuing $150 million in bonds for housing projects including housing for the homeless; rental housing for elderly, disabled, and farmworkers; and purchasing assistance for first-time homebuyers.

A "no" vote opposed issuing $150 million in bonds for housing projects including housing for the homeless; rental housing for elderly, disabled, and farmworkers; and purchasing assistance for first-time homebuyers.

Election results

California Proposition 107
Result		Votes	Percentage
Yes		2,613,414	52.17%
No		2,396,377	47.83%

Results are officially certified.

Source

Text of measure

Ballot title

The ballot title for Proposition 107 was as follows:

“

Housing and Homeless Bond Act of 1990

”

Ballot summary

The ballot summary for this measure was:

“

This act provides for a bond issue of one hundred fifty million dollars ($150,000,000) to provide funds for a housing program that includes: (1) emergency shelters and transitional housing for homeless families and individuals, (2) new rental housing for families and individuals including rental housing which meets the special needs of the elderly, disabled, and farmworkers, (3) rehabilitation and preservation of older homes and rental housing, and (4) home purchase assistance for first-time homebuyers.

”

Full Text

The full text of this measure is available here.

Fiscal impact

The fiscal estimate provided by the California Legislative Analyst's Office said:

“

Direct Cost of Paying Off the Bonds. The state would receive loan repayments under the three loan programs discussed above. These repayments, however, would be used for additional loans, not for repayment of the general obligation bonds. As a result, the state's General Fund would be responsible for the bond principal and interest payments, which typically would be paid off over a period of about 20 years. Generally, the interest on bonds issued by the state is exempt from both federal and state income taxes. . However, most of the programs covered by this measure are not eligible for the federal (but they are eligible for the state) income tax exemption on the interest income. . As a result, the average interest rate on these bonds will be higher than on other state bonds. If the authorized bonds are sold at an average interest rate of about 9 percent, the cost would be about $295 million to pay off both the principal ($150 million) and interest ($145 million). The average payment would be about $15 million each year.

”

Support

Supporters

• State Senator David Roberti (D)
• California Homeless Coalition
• Congress of California Seniors

Official arguments

The official arguments in support of Proposition 107 can be found here.

Opposition

Opponents

• State Representative Phillip Wyman (R)
• State Senator Bill Leonard (R)

Official arguments

The official arguments in opposition to Proposition 107 can be found here.

Path to the ballot

A simple majority vote was needed in each chamber of the California State Legislature to refer the measure to the ballot for voter consideration. The California State Legislature voted to put Proposition 107 on the ballot in Senate Bill 1693 (Statutes of 1988, Ch. 48).

See also

1990 Measures

• 1990 Measures
• Housing on the ballot
• Bond issues on the ballot
• 1990 legislative sessions

California

• California ballot measures
• California ballot measure laws

News and analysis

• Ballot measure lawsuits
• Ballot measure readability
• Ballot measure polls

External links

• Full text of Proposition 107
• California 1990 Primary Election Voter Guide