Would extend the current Cal-Vet program which helps veterans buy homes and farms with lower interest rates. Veterans' payments historically have covered the cost of servicing the state bonds, but if they don't, lenders are repaid from the state's general fund. The Cal-Vet program began in 1921 and currently is available only to veterans who served before 1977. The measure would allow those who have served since them to take advantage of the program.
Los Angeles Times editorial, Oct. 2, 2008:
"For the 27th time since 1922, California voters are being asked to approve a bond issue to help veterans buy homes. This year's request, Proposition 12, is the largest ever -- $900 million. Yet voters should not hesitate to do what they've done 26 times before: Vote yes."