Assemblymember Mike Fong Applauds Inclusion of $350 Million for Student Housing in Statewide Affordable Housing Bond Measure
SACRAMENTO, CA – Assemblymember Mike Fong (D-Alhambra) announced today that his efforts to champion affordable student housing resulted in $350 million being included in the Veterans and Affordable Housing Bond Act of 2026 (SB 417). The funding will support affordable student housing developments across the University of California (UC) and California State University (CSU) systems.
“Across California, students at our UC and CSU campuses continue to be priced out of affordable housing, with many students forced into longer commutes, increased financial stress, and housing insecurity that ultimately undermines their academic success,” said Assemblymember Fong. “SB 417 provides the UC and CSU systems a $350 million investment to expand the supply of affordable, on campus housing, ensuring students have access to address one of the most consistent barriers to student success. I’d like to thank Governor Newsom, Speaker Rivas, Pro Tempore Limón, and legislative colleagues for their continued leadership to expand access to affordable housing.”
SB 417 places the general obligation bond on the November 3, 2026 ballot. If approved by California voters, the bond will also provide funds for the following:
- $1.25 billion in revenue bonds for the CalVet Home Loan Program, expected to provide mortgages for nearly 5,000 veterans and military families.
- $10 billion in general obligation bonds to support the construction, rehabilitation, purchase and preservation of affordable housing for lower-income Californians.
- Invest in the Multifamily Housing Program, the state’s workhorse program for funding affordable housing.
- Target support for affordable housing and homeownership opportunities for farmworkers, tribal members, at-risk youth, lower-income households and moderate-income first-time homebuyers.
- Provide matching funds for Local Housing Trust Funds, such as the San Gabriel Valley Housing Trust, to develop and invest in affordable housing.
SB 417 will be presented on the Assembly and Senator Floors on June 25, 2026.
