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Fong with CSUN students (File Photo – AsmMikeFong)
Assemblymember Mike Fong (D–Alhambra) announced that his efforts to expand affordable student housing have secured $350 million in funding included in the Veterans and Affordable Housing Bond Act of 2026 (SB 417).
By News Desk
The funding would support the development of affordable student housing across the University of California and California State University systems, addressing what Fong described as a growing statewide affordability challenge for students.
“Across California, students at our UC and CSU campuses continue to be priced out of affordable housing, with many forced into longer commutes, increased financial stress, and housing insecurity that ultimately undermines their academic success,” Fong said. “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 housing and removing one of the most persistent barriers to student success.”
He also thanked Governor Gavin Newsom, Assembly Speaker Robert Rivas, Senate President pro Tempore Mike McGuire, and Senator Lena Gonzalez for their support in advancing affordable housing initiatives.
SB 417 places the general obligation bond on the November 3, 2026 ballot. If approved by voters, the measure would also provide $1.25 billion in revenue bonds for the CalVet Home Loan Program, expected to finance mortgages for nearly 5,000 veterans and military families.
The proposal includes $10 billion in general obligation bonds for the construction, rehabilitation, purchase, and preservation of affordable housing for lower-income Californians. Additional provisions would invest in the Multifamily Housing Program, as well as targeted housing support for farmworkers, tribal members, at-risk youth, lower-income households, and moderate-income first-time homebuyers.
The bond would also provide matching funds for Local Housing Trust Funds, including the San Gabriel Valley Housing Trust, to support affordable housing development.
SB 417 is scheduled to be heard on the Assembly and Senate floors on June 25, 2026.
This is fantastic. Our young people deserve housing that is safe and affordable. Housing is at the root of good health, self sufficiency and safety. Making housing accessible to students who need it most is a benefit to us all.