California
California has already run out of cash to help first-time home buyers. Here’s what happened
You will have seen the movies on TikTok promising one thing that sounds too good to be true: Free money from the state of California that can assist you purchase your first house. The excellent news is, that program truly exists! The dangerous information is, it’s already out of cash.
The California Housing Finance Company launched the California Dream for All Shared Appreciation mortgage program two weeks in the past, providing certified first-time patrons as much as 20% of the acquisition value of a home or condominium. The assistance was accessible solely to households whose earnings had been beneath CalHFA’s earnings restrict, which is $180,000 in Los Angeles County and $235,000 in Orange County.
State lawmakers had put aside $500 million for this system as a part of the 2022-23 funds. However a looming fiscal shortfall led Gov. Gavin Newsom to suggest a 40% reduce, so when CalHFA launched this system late final month, it was allotted solely $300 million and expected to assist about 2,300 home buyers.
On Friday, the CalHFA web site introduced that every one the funds “have been reserved.” When you’re not already within the pipeline for a mortgage, you’re out of luck — at the very least for now.
Extra funds might be accessible to this system sooner or later, mentioned Kathy Phillips, CalHFA’s director of communications. “Nonetheless, we can’t predict whether or not that might be within the coming months with a further allocation [from the state budget], or within the coming years as repayments of those unique loans come again to be recycled to assist further households,” Phillips mentioned.
She emphasised, “This system was designed to recycle [money for loans]; nonetheless, that won’t start till these loans are repaid.”
To be alerted when this system begins up once more, join CalHFA updates on the company’s web site.
The way it works
This system was uncommon when it comes to each its construction and the kind of mortgage issued.
The mortgage, which can be utilized for a down fee and shutting prices, is structured as a second mortgage, which implies it isn’t repaid month by month. Nor does it accrue curiosity the best way an extraordinary mortgage does. As an alternative, when the mortgage is refinanced or the home is offered once more, the borrower pays again the unique quantity of the mortgage plus 20% of the rise within the house’s worth.
If the house is in the end offered for a similar quantity it was bought for or much less, the client received’t must pay the extra 20%.
With the sort of mortgage, the efficient rate of interest is the same as the common annual enhance within the house’s worth. That’s been about 5% in California over the long run, however the enhance varies broadly on a year-to-year foundation, in line with the CalHFA.
“For instance, in 2008, actual property values plunged by 35%,” the company said. “Conversely, actual property values spiked practically 40% between 2020 and 2021.”
There’s a cap on the quantity of the appreciation owed. Regardless of how a lot the house will increase in worth, the borrower might want to pay at most 2.5 instances the unique mortgage quantity.
To obtain a mortgage, debtors should full a house purchaser schooling and counseling course (there are alternatives for on-line and in-person lessons on the CalHFA website) and a free on-line course particularly for shared appreciation loans.
The opposite uncommon function is that this system is designed to replenish itself. The loans are “revolving,” which implies that when a borrower repays the mortgage, the cash could be loaned once more to a brand new borrower.
CalHFA doesn’t make the loans immediately; as an alternative, they’re made by way of non-public lenders approved by the state.
Jon Healey, senior editor for the Utility Journalism Group, contributed to this report.
About The Instances Utility Journalism Group
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California
'Tis the Season for Science at California Academy of Sciences
SAN FRANCISCO – Two young reindeer lounging in their pen the Saturday before Thanksgiving — the day of their big holiday season premiere at the California Academy of Sciences in San Francisco — were taking a break after eating lunch.
They were lying around, but children outside the pen were fascinated, pointing, calling out to the deer and doubtlessly wondering why they weren’t training. After all, the reindeer’s biggest day of the year was only about a month away.
The academy employee supervising the scene said they were saving their energy, being from Northern Europe, which is very cold.
Uh-huh. That’s why they save their energy.
Everyone knows why a reindeer needs a lot of extra juice. They’re really saving it for the long trip on Dec. 24.
The academy just opened its annual “‘Tis the Season for Science” program. Besides the young reindeer jolly old Saint Nick lent the academy, there’s festive decor, public programs about visiting animals, music, dance and magic performances, cookie decorating and seasonal photo ops.
There’s also snow periodically falling inside the big presentation space in the center of the museum. The snowflakes were a big hit Saturday, if running, screaming, dancing children trying to catch snow on their tongues were a good indicator.
There are also lots of spots for photo ops and more practical winter wonderland information, like how animals adapt to climate change.
Of course, the best thing about going to the Academy of Sciences during the holidays is having an excuse to do something really cool and tell oneself it’s educational for the kids. It is, but it’s also a lot of fun.
The four-legged holiday visitors are just outside the academy’s eastern end. Baby camels are scheduled to make an appearance Dec. 6, followed by baby yaks on Dec. 20.
They all have a place in holiday lore, but the academy makes sure visitors get some scientific facts as well.
Signs outside the pen explain these two reindeer are only seven months old and recently weaned from mom. They’re tiny but tough, one sign says, and are built for the cold. From birth, reindeer, camels and yaks are adapted to withstand the elements.
Reindeer quickly develop insulation for arctic (North Pole?) life, camels grow thick fur to protect them from chilly desert nights, and yak calves’ sport shaggy coats for high Himalayan mountains.
“As climate change alters and reduces habitats, these species — and many others — face new challenges. Humans can help these resilient young animals thrive by protecting and regenerating ecosystems,” a sign said.
Then there’s of course, the year-round penguin exhibit, which is a favorite, judging by the crowds gathered around the viewing window. Unlike the other animals brought in to celebrate the holidays, penguins are typically from the planet’s (very) deep south, where it’s very cold.
“Every year the academy catches the holiday bug with ‘Tis the Season for Science,’ more than a month of wintry festivities with a special academy science twist,” academy executive director Scott Sampson said in an email. “This year we are stepping up the action with visits by pairs of live baby reindeer, camels, and yaks for two weeks each to explore winter survival adaptations and other unique features of these adorable creatures.
“The museum also is buzzing with other fun and educational activities, including falling snow inside our piazza; seasonal science experiments (think dry ice); and music, dance, and magic performances from over a dozen diverse troupes,” Sampson said.
And, of course, there’s the old favorites, including the world-class Steinhart Aquarium starring Claude the albino alligator, who was very active this day.
The lush, four-story Osher Rainforest dome was full of more than 1,600 butterflies, birds, fish, plants (and tropical humidity – wear layers) and the Morrison Planetarium was mind-boggling, as usual. (Tom Hanks narrating a trip through the universe in “Passport to the Universe” is worth waiting in line for 20-30 minutes).
The California Academy of Sciences is at 55 Music Concourse Drive in San Francisco.
Public hours are 9:30 a.m. to 5 p.m. Monday through Saturday and 11 a.m. to 5 p.m. Sundays. Thursday NightLife is from 6 to 10 p.m. The museum is closed Dec. 4 for a private event.
For more information, go to www.calacademy.org.
California
What California city has the best weather for you? Take our quiz
California has plenty of options when it comes to finding a place with your preferred weather. If you like cool weather, some cities spend nearly the entire year below 70 degrees. If you hate the rain, there are locations that average just a few inches per year.
The Chronicle gathered data about temperature, precipitation, air quality and extreme weather for 61 places across California, including the 20 most populous cities with data available. In total, 53 of the state’s 58 counties are represented in the analysis.
While there may not be a perfect match with everything you’re looking for, this quiz will help pinpoint a place that gets close.
California
California woman dies from Fresno County's first human case of rabies in more than 30 years
A California woman died of rabies after allegedly being bitten by a bat in her classroom, according to Fresno County health officials.
The woman, later identified as Leah Seneng, 60, marks the first human case of rabies in Fresno County since 1992.
“In general, rabies is a disease that affects the brain, and it is very rare. But when it develops, it can cause very serious consequences,” said Dr. Trnidad Solis, Fresno County Health Department’s deputy health officer. “It’s transmitted through saliva; it is not airborne.”
RABIES PATIENT BECOMES FIRST FATAL CASE IN US AFTER POST-EXPOSURE TREATMENT, REPORT SAYS
Seneng, who was an art teacher at Bryant Middle School in Dos Palos, was bitten by the bat when she was attempting to rescue it in her classroom, local outlet ABC30 reported.
She first came into contact with the bat in October, but did not display symptoms until approximately a month later, according to Fresno County health officials. She was admitted to the hospital and died four days later.
PEANUT THE SQUIRREL EARMARKED FOR EUTHANASIA BEFORE BEING CONFISCATED AND WAS RABIES-FREE: REPORT
“The most frequent route of transmission is through the bite of an animal that has rabies. With rabies, unfortunately, there is no cure. So, when symptoms develop, there is no treatment, and often when it develops, it is often fatal. So we want the public to know that prevention is key to preventing rabies infection,” Solis said.
Fresno County officials do not believe there is a threat to public health at this time, but are working with the Merced County Health Department to identify any other possible exposures and administer vaccines.
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