By Matthew Power. The largest affordable housing bond in history, Proposition 46, was approved by California voters in November. The bond allows the state to sell $2.1 billion of bonds to fund 21 housing programs and is full of good news for builders in the region. Of that total, $910 million will go toward the creation of 22,000 units of affordable rental housing (rent controlled). Another $495 million will allow 65,000 families to achieve homeownership, and $100 million will be offered as incentives to local governments for approving new housing developments.