The Village of Newburgh Heights has passed legislation that will create a fund to assist new home buyers with student loans. College grads who move to the itty-bitty blue-collar suburb off I-77 will now be eligible to receive 50 percent of their outstanding college debt or $50,000, whichever is lower.
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 home-ownership and housing-stock stability.
Mayor Trevor Elkins, who proposed the legislation last month, described it as a means to attract young college grads and to give Newburgh Heights’ a leg up as it tries to grow its population and its tax base in a changing “knowledge-based” economy.
The legislation will apply to purchases of homes exceeding $50,000, of which there are currently seven for sale within Newburgh Heights village limits. The legislation is attached below.
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This article appears in Dec 5-11, 2018.
Nice idea, but if youre looking to buy a house dont even bother with Cuyahoga county! The property taxes here are now outrageous thanks to Budish and his massive property tax increases for 2019. It makes no financial sense living or working in Cuyahoga County anymore thanks to the massive taxes that homeowners and those that actually have to work, pay for.
Until Budish finally gets thrown in jail for all of his constant financial mismanagement and illegal activities, it will only get worse, so dont consider Cuyahoga County for your housing needs!
With their existing student debt lasting a lifetime now, how the hell are millennials or Gen-Z going to afford an additional $50K in long term real estate debt, or save that much, to purchase for cash ?
This legislation will only help existing Newburgh Heights residents increase the asking price for their well worn, pre-war bungalows, or help current residents who want to personally finance /buy a home for their relatives to live in.
Truly a bad investment, from all angles.