Sac State Receives Recovery Grant for Workforce Training

By Mara Lee

SACRAMENTO (OBSNews.com) – Today, Congresswoman Doris O. Matsui (CA-05) announced that California State University, Sacramento is one of 33 recipients nationally to receive Recovery Act funds for the development of a new training program to enhance the region’s growing smart grid system. This award totaling $905,348 is comprised of a $749,992 grant from the U.S. Department of Energy; $83,356 in matching funds from the California Energy Commission; and $72,000 in funds and in-kind contributions from the Sacramento Metropolitan Utility District (SMUD). The grant application was supported by Rep. Matsui in a written letter to U.S. Secretary of Energy Steven Chu. The collaborative program will lead to a national Smart Grid Workforce Development Network which will accelerate workforce development initiatives.

“The Recovery Act has served not only to stave off an economic crisis affecting all Americans, but to provide Sacramento many opportunities for regional growth,” said Rep. Matsui. “Today’s award comes at the heels of a multimillion dollar announcement for our local community colleges to establish a health training program and builds on last year’s award of $127 million for smart grid implementation in our homes and offices."

SACRAMENTO (OBSNews.com) - Governor Arnold Schwarzenegger issued the following statement after the Obama Administration announced adjustments to its Home Affordable Modification Program and the Federal Housing Administration programs to better assist homeowners affected by the economic crisis:

By Caylyn Brown

SACRAMENTO (OBSNews.com) - Governor Schwarzenegger signed AB 183 providing $200 million for home buyer tax credits. The bill allocates $100 million for qualified first-time home buyers who purchase existing homes and $100 million for purchasers of new, or previously unoccupied, homes.

Eligible taxpayers who close escrow on qualified principal residences between May 1, 2010 and December, 31, 2010, or who close escrow on a qualified principal residence on and after December 31, 2010 and before August 1, 2011, pursuant to an enforceable contract executed on or before December 31, 2010, will be able to take the allowed tax credit.

This credit is equal to the lesser of 5 percent of the purchase price or $10,000, taken in equal installments over three consecutive years. Under the bill, purchasers will be required to live in the home as their principal residence for at least two years or forfeit the credit (i.e. repay it to the state). Buyers also must be at least 18 years old and be unrelated to the seller. First-time buyers are defined as those who have not owned a home in the past three years.

WASHINGTON, D.C. (OBSNews.com) – A combination of factors was negative for mortgage markets this week, and mortgage rates ended higher. Large budget deficits and economic troubles in smaller European Union nations made bonds less attractive to global investors. In addition, stock market gains sent the Dow to an 18-month high, which pulled funds out of fixed income investments. Finally, with just one week remaining for the Fed's MBS purchase program, comments from Fed Chief Bernanke about potential future MBS sales added to the pressure in mortgage markets.