Proposition 12 would issue $900 million in bonds to provide loans to California veterans to purchase homes and farms. It would cost $59 million a year to repay the debt (for thirty years).
Supporters say that the Cal-Vet Home Loan program has been a huge success; the measure was placed on the ballot by a unanimous vote in both the State Assembly and State Senate. Opponents say that the bond measure would cost the state money and the screening in the program needs to be tightened.
That’s the end of the propositions on the state ballot. Next week I’ll look at Orange County Measure J and Irvine Measures R and S.