The Assembly Committee on Military and Veterans Affairs voted 8-0 to advance SB 623, a measure that would place a $1.25 billion general obligation bond on the Nov. 3, 2026 ballot to keep the CalVet Home Loan Program lending to veterans and their families.
According to the committee summary, supporters told lawmakers the bond would help continue a program that has helped nearly 500,000 veterans and families buy homes and now carries about $1.2 billion in loans. Witnesses warned the remaining bond authority could run out by fall 2027, which they said could end new lending if lawmakers do not act.
The committee added urgency to the bill and sent it to the Assembly Committee on Housing and Community Development after the vote.
SB 623 is part of a broader package of veterans measures the committee considered June 16, including bills on disabled veterans property-tax relief, military retirement pay and out-of-state military activity. But the home-loan bond was the hearing’s largest fiscal action and the one with the clearest immediate budget impact.
