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California Proposition 145, First-Time Homebuyer Program and Bond Measure (1990)
| California Proposition 145 | |
|---|---|
 | |
| Election date November 6, 1990 | |
| Topic Bond issues and Housing | |
Status Defeated | |
| Type Bond issue | Origin State Legislature |
California Proposition 145 was on the ballot as a bond issue in California on November 6, 1990. It was defeated.
A "yes" vote supported:
|
A "no" vote opposed this first-time homebuyer program and issuing $125 million in bonds for a housing and earthquake safety program. |
Election results
|
California Proposition 145 |
||||
|---|---|---|---|---|
| Result | Votes | Percentage | ||
| Yes | 3,113,975 | 44.37% | ||
|
|
3,904,145 | 55.63% | ||
Text of measure
Ballot title
The ballot title for Proposition 145 was as follows:
| “ | California Housing Bond Act of 1990 | ” |
Ballot summary
The ballot summary for this measure was:
| “ |
(1) the preservation and rehabilitation of the existing stock of rental housing for families and individuals, including rental housing which meets the special needs of the elderly and disabled, (2) emergency shelters and transitional housing for homeless families and individuals, (3) a multifamily mortgage loan and bond insurance program, (4) farmworker housing, and (5) rehabilitation loans to enable unreinforced masonry rental buildings to withstand earthquakes. | ” |
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:[1]
| “ |
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, interest on the bonds sold to fund the programs covered by this measure may not be eligible for the federal income tax exemption (but would be eligible for the state exemption). As a result, the average interest rate on these bonds would be higher than on other state bonds. If the authorized bonds are sold at an average interest rate of about 9.5 percent, the cost would be about $630 million to pay off both the principal ($315 million) and interest ($315 million). The average payment would be about $26 million each year.[2] |
” |
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.
See also
External links
Footnotes
- ↑ University of California, "Voter Guide," accessed July 26, 2021
- ↑ Note: This text is quoted verbatim from the original source. Any inconsistencies are attributable to the original source.
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State of California Sacramento (capital) |
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