Proposition 12 calls for $900 million bonds to be issued to subsidize the Cal-Vet Home Loan Program. Since its inception in 1921, 420,000 veterans have been able to purchase homes via the Cal-Vet program. The program is self-sufficient in that the state is paid back by the participating veterans via their mortgage payments. The current fund in the program is down to $102 million.
The men and women of the armed forces put their lives on the line to protect our way of life. This is the least we can do for them on their return to their home. The fact that the state will recoup the costs from the veterans themselves proves this program is a win-win situation.