Veterans housing: multifamily units: underserved veterans.

Existing law, the Veterans Housing and Homeless Prevention Act of 2014 (the act) , provides for the acquisition, construction, rehabilitation, and preservation of affordable multifamily supportive housing, affordable transitional housing, affordable rental housing, or related facilities for veterans and their families. Existing law, the Veterans Housing and Homeless Prevention Bond Act of 2014 (bond act) , an initiative measure enacted by the voters as Proposition 41 at the June 3, 2014, primary election, authorized $600 million in bonds to provide multifamily housing to low-income veterans and supportive housing for homeless veterans, through the act. This bill would require, for all multifamily housing units acquired, constructed, rehabilitated, or preserved on or after January 1, 2017, for the purpose of housing veterans, that a percentage of the bond act funds to be used for purposes of the act be reserved for housing for underserved veterans, as defined. The bill would require the percentage of the bond act funds to be determined by the Department of Veterans Affairs, the California Housing Finance Agency, and the Department of Housing and Community Development collectively, as specified.