Jul 15, 2008 8:39 pm US/Pacific
Home Loan Bond For California Vets On Nov. Ballot
SACRAMENTO (AP) ―
An initiative to extend California's low-interest home loan program to recent war veterans is the 12th measure to qualify for California's November ballot.
Gov. Arnold Schwarzenegger signed the bill by Sen. Mark Wyland, a Republican from Carlsbad, on Tuesday. It asks voters to approve $900 million in general obligation bonds for veterans.
The money would extend the state's existing CalVet Home Loan program to veterans of the wars in Kuwait, Iraq and Afghanistan.
Schwarzenegger says CalVet already has helped about 420,000 veterans who served from the end of World War I to the Vietnam era buy houses. The bond would pay for about 3,900 low-interest loans—1,300 a year for three years.
The governor says the loans would not affect the state's general fund because veterans would repay the cost of the bond.
Secretary of State Debra Bowen confirmed the initiative will appear on the Nov. 4 ballot as Proposition 12.
(© 2008 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
