Cal-Vet Bonds: Yes on 76

The state’s Cal-Vet mortgage program, which provides low-interest home loans for veterans, deserves strong and continued support. Proposition 76, the Veterans Bond Act of 1988, would provide $510 million to finance mortgages for Vietnam War veterans and disabled veterans from other wars. It merits approval on Tuesday’s ballot.

The state program has for 67 years successfully assisted veterans who want to buy a home. Thousands of veterans of World War I, World War II and the Korean War have benefited. Nearly 500,000 veterans remain eligible for the mortgage program. They deserve the same break as the men and women who served before them.

Some taxpayers may worry about the risk involved in approving another bond issue. The Cal-Vet program, however, has been self-supporting without direct cost to taxpayers since 1921. Payments from veterans have covered the costs of running the program and of repaying bonds worth $6.6 billion. Over the years the program has proved to be a pretty safe bet.

In addition to helping veterans, the Cal-Vet program helps the state economy. The money used to buy houses, mobile homes and farms generates business opportunities and work in the housing industry.

Proposition 76 deserves a Yes vote on June 7.