At the regular session of Council on Tuesday, December 4th, Mayor Trevor Elkins signed legislation that will provide student loan debt relief to homebuyers in Newburgh Heights. Ordinance 2018-62 outlines incentives and terms by which the Village of Newburgh Heights will fund the program to be administered by the Newburgh Heights Community Improvement Corporation.
The program is designed to stabilize, grow, and develop Newburgh Heights’ population, tax base, and housing stock by encouraging college and nursing graduates to purchase a home in the village by providing an incentive of the lesser of ½ the homebuyer’s student loan debt total or $50,000. Upon residency of 10 years, the incentive is vested at 80% and upon residency of 15 years, it is vested at 100%.
Mayor Elkins stated, “This is a great first step in providing our partners in the real estate community with the tools needed to grow Newburgh Heights and help us transition from a residential population based around manufacturing to the modern knowledge based economy.”
It is believed to be a first of its type in Ohio. A copy of the adopted legislation is attached.