Los Angeles Times (07/11/08); Rau, Jordan; Vogel, Nancy
California's Legislature has approved a $900 million bond measure that would help replenish the state's fund for low-interest loans for military veterans seeking to purchase homes. The administration of Gov. Arnold Schwarzenegger (R) proposed the bond act, and he is expected to endorse the measure. Schwarzenegger's signature would place the bond measure before voters on the Nov. 4 ballot. The California Department of Veterans Affairs' CalVet Home Loan program has spent all but $102 million of the bonding authority from the last ballot measure approved in 2000.
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