About
About the bond
SB 417 (Limón and Rivas) would place a $11 billion affordable housing bond on the November 2026 ballot.
The bond funds, if passed by the voters, would support construction of affordable housing units across the state. The bond includes $350 million dedicated to student housing, split evenly between the UC and CSU systems through the Higher Education Student Housing Grant Program.
Established in 2023, the Higher Education Student Housing Grant Program serves as a state financing mechanism for affordable student housing projects. The program provides state support for debt service associated with qualifying projects that offer housing at below-market rents. Participating campuses are also expected to contribute institutional resources, allowing the state's investment to be leveraged into larger housing developments.
The inclusion of student housing in the bond recognizes the important role public higher education can play in addressing California’s broader housing affordability challenges.
How student housing strengthens the bond
Public universities and colleges make the case for a bond stronger. Public universities and colleges bring:
- Large, shovel-ready housing projects that deliver units in high-cost areas.
- A proven record of capital project delivery.
- Matching funds that extend every public dollar.
UC is ready to build
- UC is prepared to match every bond dollar 4-to-1, bringing significant leverage to the table.
- UC has plans for 11,000+ student beds that are ready to build but lack funding.
- Under a prior housing grant, UC turned $600M in state funds into $1.9B in project value.
- Since 2010, UC has added 42,000 new student beds and currently houses over 41% of students systemwide.
- A further 15,000 beds are already planned for delivery by Fall 2029.
Coalition of supporters
The University of California, the California State University, and a coalition of undergraduate and graduate students, alumni, advocates, businesses, and workers are advocating for an amendment that would dedicate $1 billion to support student housing projects at UC, CSU, and community colleges – a change that supports the core intent of the bond: fund affordable housing for Californians.