Proposition 1 is called the Veterans and Affordable Housing Bond Act of 2018, but only a quarter of the money goes to housing programs for vets.
Prop 1 is aimed at easing the state's housing crisis and has broad support throughout the state.
If approved, it would authorize California to borrow four-billion dollars for a variety of housing programs.
While the word veterans is in the title, just one billion of that would go specifically to the Cal-Vet Farm and Home Loan Program.
Rachel Iskow, with the Sacramento Housing Alliance, said the rest of the money would be distributed to help other groups.
"Seniors, people with disabilities, homeless individuals, working families with kids—so you know people who are just getting shut out of both the rental and for-sale markets," Iskow said.
Supporters include the California League of Women Voters, which says the money would also open up sources of federal dollars. Iskow agrees, saying local jurisdictions and affordable housing developers will be required to bring in more funding.
"That four billion will leverage a whole lot more money—double or more than that," Iskow said.
David Wolfe is with the the Howard Jarvis Taxpayers Association, which opposed the bill in the legislature that led to Prop 1, but hasn't taken an official position on the initiative.
"You know, we don't dispute the need, but the question again comes down to bang for the buck,” Wolfe said. “We've done nothing to solve the overarching problem of making it more affordable to build in California."
If approved, the state would pay off the bonds over the next 35 years at an average rate of $170 million dollars annually.
The California Democratic Party supports Prop 1, while the state Republican Party opposes it.