California State Treasurer Fiona Ma, CPA, has made affordable housing a central pillar of her public finance agenda, using the state’s allocation of tax-exempt private activity bonds to unlock large-scale investment in housing development. While these tools are often discussed in technical terms, their real-world impact is increasingly clear, especially for military veterans working to establish stability after service. 

At the center of this effort are tax-exempt private activity bonds (PABs), which allow developers to access lower-cost financing for qualified affordable housing projects. By reducing borrowing costs, these bonds make it economically viable to build or preserve housing that would otherwise be out of reach in high-cost markets like California. The Treasurer’s Office, working through state allocation committees, plays a critical role in directing these bonds and the associated tax credits to projects that deliver the greatest public benefit. 

For veterans, the connection between housing and long-term success is direct and immediate. One of the most persistent challenges facing transitioning service members is securing stable, affordable housing in the communities where jobs and opportunities exist. Even veterans with strong skills and employment prospects can struggle with high rents, limited supply, and the financial pressures of relocation. Affordable housing financed through PABs helps close that gap, providing a stable foundation from which veterans can pursue careers, education, and family life. 

Treasurer Ma has consistently emphasized that housing policy is economic policy. By supporting the expansion of affordable housing through these financing mechanisms, her office is not only addressing a social need but also strengthening the state’s workforce. Veterans are a critical part of that workforce bringing leadership, discipline, and specialized expertise into sectors ranging from infrastructure and energy to technology and healthcare. Ensuring they have access to affordable housing increases the likelihood that they remain in California and contribute to its economy. 

The structure of these financing tools also encourages partnership. Tax-exempt bonds attract private capital by offering favorable tax treatment to investors, while tax credits provide additional incentives that improve project feasibility. Together, they create a blended financing model that aligns public goals with private investment. This approach has already supported tens of thousands of affordable housing units across the state, many of which include set-asides or priority considerations for veterans and other underserved populations. 

From a veteran-focused perspective, the impact goes beyond shelter. Stable housing is closely tied to improved employment outcomes, better health, and stronger family stability. For veterans navigating the transition to civilian life, often while managing service-related injuries or adjusting to new careers, these factors are interconnected. Access to affordable housing reduces stress, increases mobility, and creates the conditions necessary for long-term success. 

"Veterans have already invested in our country through their service. California has a responsibility to invest in them in return by expanding access to affordable housing, strengthening communities, and creating opportunities for long-term success,” said California State Treasurer Fiona Ma, CPA. 

The American Veterans Group webinar featuring Treasurer Ma and CalVet Secretary Lindsey Sin provides an opportunity to connect these dots more explicitly. It highlights how capital markets expertise and public policy can intersect to deliver meaningful outcomes for veterans. In this case, the allocation of tax-exempt private activity bonds is not just a financing decision, it is a strategic lever that shapes who can afford to live and work in California.

More broadly, this work reflects a growing recognition that financial tools can be deployed with intention. By prioritizing affordable housing, Treasurer Ma’s office is helping ensure that the benefits of economic growth are more widely shared. For veterans, that means more than access to housing - it means access to opportunity. 

In advancing these initiatives, Treasurer Ma reinforces a simple but powerful idea: supporting those who have served requires more than recognition. It requires tangible, scalable solutions. Through the strategic use of tax-exempt bonds and tax credits, California is building those solutions one development, and one community, at a time. 

Join our upcoming webinar with California State Treasurer Fiona Ma, CPA, to hear about how the expansion of affordable housing and other related initiatives are translating policy into real outcomes for veterans and their families.