This money is to be used solely to help veterans purchase property. At the end of World War I, the California Legislature approved the California Farm, Home and Mobile Home Purchase Assistance Program, which assists veterans in the purchase of property. Voters have approved all 25 bond measures since 1922 to fund this program. More than 400,000 veterans have been helped. The money is used to purchase farms, homes, and mobile homes by veterans who repay the state in monthly payments, including interest.
Any veteran living in California is eligible.
General obligation bonds are offered to the public and, over the life of the bond, the money is paid back to the bond investors. Mortgage payments by veterans offset the bond debt. The last replenishment of funds was in November 1996, and it is projected that the last of the bonds will be sold by the summer of 2002, depleting the fund. If, however, the payments of the veterans were not sufficient to cover the amount of the bonds, the taxpayers would be required to make up the difference. The bonds will not be sold until the existing funds in the program are used up, probably in 2002.