Yes on Cal-Vet Bonds

With the national Administration intent on cutting back mortgage assistance, the California veterans’ farm and home purchase program, commonly known as Cal-Vet, becomes even more important to veterans trying to cope with the state’s high housing costs.

That program should be carried forward with a sound yes vote on Proposition 42 on the June 3 election ballot.

Proposition 42, approved unanimously by both houses of the Legislature, would make an additional $850 million in bond funds available for low-interest loans to more than 12,000 veterans of Vietnam and other conflicts.

The program is entirely self-sustaining with no cost to the taxpayers. Payments made by the borrowers cover all costs of operating the program and marketing the bonds. But since the state can borrow at a low interest rate, participating California veterans can enjoy smaller monthly house payments.

The voters have approved $5.7 billion in Cal-Vet bonds since the program began in 1921. But all the currently authorized bond funds have been loaned out and more are needed now. This worthy program should be allowed to go forward with a resounding yes from California voters on Proposition 42 this June 3.