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Tustin Approves New Housing for Homeless

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The Tustin City Council has unanimously approved an agreement to construct a new transitional housing facility for homeless families to accommodate the city’s growing homeless population.


Editors’ Note: This dispatch is part of the Voice of OC Youth Media program, working with student journalists to cover public policy issues across Orange County. If you would like to submit your own student media project related to Orange County civics or if you have any response to this work, contact Digital Editor Sonya Quick at squick@voiceofoc.org.


The seven-unit, short-term housing development dubbed the “House of Ruth” by Family Promise of Orange County, a nonprofit organization that aids the homeless, will be located at 1941 El Camino Real, a city-owned vacant property near Interstate 5 by other apartment buildings and houses.

Transitional housing provides temporary homes for specific homeless populations, such as families and working individuals, who are unable to afford long-term housing. The goal is to transition these residents into permanent housing.

The development agreement, approved in February, between Tustin and Family Promise will assist the growing homeless population and fulfill the city’s goal of developing “strong community and regional relationships,” states a City Council agenda report.

Jerry Craig, deputy director of business services and housing, introduced the Family Promise development, including its fundraising plans and partners, such as HomeAid Orange County, at the Feb. 18 meeting.

Mayor Pro Tem Letitia Clark said it takes several partners to address homelessness and she appreciates the partnerships forged in Tustin.

The city will loan the property worth $320,000 to Family Promise, as long as the organization demonstrates “their financial capacity to both construct and operate the House of Ruth,” the staff report said.

The organization was “given a forgivable loan, so [Family Promise] will not be paying anything for the land,” said Family Promise Executive Director Cyndee Albertson. “It would take us possibly another six to ten months to raise the additional funds to buy [it].”

A nearby apartment complex.

The Orange County homeless population has grown from about 4,800 in 2017 to nearly 7,000 people in 2019, according to its 2019 Point in Time count. Tustin had 359 homeless people in 2019, with 95 of them listed as unsheltered.

The city entered into a contract with Family Promise in November 2018 to negotiate the use of city property to develop the House of Ruth, the city staff report said. The units would provide three to six-month housing and assistance for homeless families, with those from Tustin given priority housing.

Tustin has also helped provide homeless assistance through other programs in the past, teaming up with the Orange County Rescue Mission and Habitat for Humanity.

Albertson stated that the House of Ruth will provide various services such as tutoring, mental health counseling, credit repair, career development, and more. It will also provide a community resource center with laundry units, computers, and printers.

“I’m excited to expand our transitional services, but I’m almost more excited to have people refer families [in need] to our resource center,” Albertson said. “There is no other service like this in Orange County right now.”

Katherine Futerer, a resident who lives a few blocks away from the development, said she is comfortable with the idea of a transitional housing facility.

“If homeless families are getting shelter and what they need, and since it’s not permanent housing, it wouldn’t be a bad thing at all,” Futerer said. “It’s helping the community with homelessness issues.”

Several other residents near the development declined requests for comment.

Edward Leon, an 18-year-old barista at a Starbucks near the planned development, supports the new facility and Tustin’s efforts with the homeless.

“Growing up in this community, I feel like in this area you always see those in need…Tustin itself is a community that always lends a helping hand,” Leon said.



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Are Sallie Mae Student Loans Federal or Private?

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When you hear the name Sallie Mae, you probably think of student loans. There’s a good reason for that; Sallie Mae has a long history, during which time it has provided both federal and private student loans.

However, as of 2014, all of Sallie Mae’s student loans are private, and its federal loans have been sold to another servicer. Here’s what to know if you have a Sallie Mae loan or are considering taking one out.

What is Sallie Mae?

Sallie Mae is a company that currently offers private student loans. But it has taken a few forms over the years.

In 1972, Congress first created the Student Loan Marketing Association (SLMA) as a private, for-profit corporation. Congress gave SLMA, commonly called “Sallie Mae,” the status of a government-sponsored enterprise (GSE) to support the company in its mission to provide stability and liquidity to the student loan market as a warehouse for student loans.

However, in 2004, the structure and purpose of the company began to change. SLMA dissolved in late December of that year, and the SLM Corporation, or “Sallie Mae,” was formed in its place as a fully private-sector company without GSE status.

In 2014, the company underwent another big adjustment when Sallie Mae split to form Navient and Sallie Mae. Navient is a federal student loan servicer that manages existing student loan accounts. Meanwhile, Sallie Mae continues to offer private student loans and other financial products to consumers. If you took out a student loan with Sallie Mae prior to 2014, there’s a chance that it was a federal student loan under the now-defunct Federal Family Education Loan Program (FFELP).

At present, Sallie Mae owns 1.4 percent of student loans in the United States. In addition to private student loans, the bank also offers credit cards, personal loans and savings accounts to its customers, many of whom are college students.

What is the difference between private and federal student loans?

When you’re seeking financing to pay for college, you’ll have a big choice to make: federal versus private student loans. Both types of loans offer some benefits and drawbacks.

Federal student loans are educational loans that come from the U.S. government. Under the William D. Ford Federal Direct Loan Program, there are four types of federal student loans available to qualified borrowers.

With federal student loans, you typically do not need a co-signer or even a credit check. The loans also come with numerous benefits, such as the ability to adjust your repayment plan based on your income. You may also be able to pause payments with a forbearance or deferment and perhaps even qualify for some level of student loan forgiveness.

On the negative side, most federal student loans feature borrowing limits, so you might need to find supplemental funding or scholarships if your educational costs exceed federal loan maximums.

Private student loans are educational loans you can access from private lenders, such as banks, credit unions and online lenders. On the plus side, private student loans often feature higher loan amounts than you can access through federal funding. And if you or your co-signer has excellent credit, you may be able to secure a competitive interest rate as well.

As for drawbacks, private student loans don’t offer the valuable benefits that federal student borrowers can enjoy. You may also face higher interest rates or have a harder time qualifying for financing if you have bad credit.

Are Sallie Mae loans better than federal student loans?

In general, federal loans are the best first choice for student borrowers. Federal student loans offer numerous benefits that private loans do not. You’ll generally want to complete the Free Application for Federal Student Aid (FAFSA) and review federal funding options before applying for any type of private student loan — Sallie Mae loans included.

However, private student loans, like those offered by Sallie Mae, do have their place. In some cases, federal student aid, grants, scholarships, work-study programs and savings might not be enough to cover educational expenses. In these situations, private student loans may provide you with another way to pay for college.

If you do need to take out private student loans, Sallie Mae is a lender worth considering. It offers loans for a variety of needs, including undergrad, MBA school, medical school, dental school and law school. Its loans also feature 100 percent coverage, so you can find funding for all of your certified school expenses.

With that said, it’s always best to compare a few lenders before committing. All lenders evaluate income and credit score differently, so it’s possible that another lender could give you lower interest rates or more favorable terms.

The bottom line

Sallie Mae may be a good choice if you’re in the market for private student loans and other financial products. Just be sure to do your research upfront, as you should before you take out any form of financing. Comparing multiple offers always gives you the best chance of saving money.

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Tips to do some fall cleaning on your finances

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Wealth manager, Harry Abrahamsen, has five simple ways to stay on top of the big financial picture.

PORTLAND, Maine — Keeping track of our financial stability is something we can all do, whether we have IRAs or 401ks or just a checking account. Harry J. Abrahamsen is the Founder of Abrahamsen Financial Group. He works with clients to create and grow their own wealth. Abrahamsen shares five financial tips, starting with knowing what you have. 

1. Analyze Your Finances Quarterly or Biannually

You want to make sure that your long-term strategy is congruent with your short-term strategy. If the short-term is not working out, you may need to adjust what you are doing to make sure your outcome produces the desired results you are looking to accomplish. It is just like setting sail on a voyage across the Atlantic Ocean. You know where you want to go and plot your course, but there are many factors that need to be considered to actually get you across and across safely. Your finances behave the exact same way. Check your current situation and make sure you are taking into consideration all of the various wealth-eroding factors that can take you completely off course.

With interest rates very low, now might be a good time to consider refinancing student loans or mortgages, or consolidating credit card debt. However, do so only if you need to or if you can create a positive cash flow. To ensure that you are saving the most by doing so, you must look at current payments, excluding taxes and insurance costs. This way you can do an apples-to-apples comparison.

The most important things to look for when reviewing your credit report is accuracy. Make sure the reporting agencies are reporting things actuary. If it doesn’t appear to be reporting correct and accurate information, you should consult with a reputable credit repair company to help you fix the incorrect information.

4. Savings and Retirement Accounts

The most important thing to consider when reviewing your savings and retirement accounts is to make sure the strategies match your short-term and long-term investment objectives. All too often people end up making decisions one at a time, at different times in their lives, with different people, under different circumstances. Having a sound strategy in place will allow you to view your finances with a macro-economic lens vs a micro-economic view. Stay the course and adjust accordingly from a risk and tax standpoint.

RELATED: Financial lessons learned through the pandemic

A great tip for lowering utility bills or car insurance premiums: Simply ask! There may be things you are not aware of that could save you hundreds of dollars every month. You just need to call all of the companies that you do business with to find out about cost-cutting strategies. 

RELATED: Overcome your fear of finances

To learn more about Abrahamsen Financial, click here

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How to Get a Loan Even with Bad Credit

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Sana pwedeng mabura ang bad credit history as quickly and easily as paying off your utility bills, ‘no? Unfortunately, it takes time. And bago mo pa maayos ang bad credit mo, more often than not, kailangan mo na namang mag-avail ng panibagong loan. 

Good thing you can still get a loan even with bad credit, kahit na medyo limited ang options. How do you get a loan if you have bad credit? Alamin sa short guide na ito. 

For more finance tips, visit Moneymax.

 

 

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