The ordinance is proposed as a solution to two problems. On one hand, The small, blue-collar inner-ring suburb needs to grow its tax base and does not currently competitively attract recent college grads. If the city wants to successfully transition from a post-industrial to a knowledge-based economy, the ordinance says, it will have to find ways to attract young people. And on the other hand: recent college grads are swimming in student debt. The average student loan debt for college graduates in 2016 was $37,172.00, per the ordinance, up six percent from the previous year.
If the ordinance passes, Newburgh Heights would start a fund specifically to help new home buyers pay off their debts. Each home buyer would be eligible for up to 50 percent of their outstanding debt or $50,000, whichever is lower. (This is a significant incentive!) Per the ordinance, the incentive would be vested at 80 percent after 10 years of residency and fully vested after 15 years of residency to encourage long-term residency and housing-stock stability.
This is one of those sensible ideas that nevertheless may be perceived as radical strategy because it proposes to give to individuals — a generous financial incentive — what is ordinarily reserved for businesses.
This article appears in Oct 31 – Nov 6, 2018.
Can’t post a link to the proposed ordinance?
How come these kinds of articles articles never include info on how it’s going to be paid for?
Do you also get immunity from BS traffic tickets? If so, count me in.
The only issue I have with this is that while a person moves there n remains for ten years they will be payn their student loans so where exactly is the benefit really? If I have to pay them for ten years anyway why would I move there just to do that when I can stay where I am, get loan forgiveness n still have to pay for ten years..this isnt appealing at all to me