A novel initiative called Maryland SmartBuy aims to help those with student loan debt buy homes.
The Maryland state government has a new program to pay off student loan debt for some of its residents. The catch is they have to buy a home. This novel approach to attracting young people to the state while supporting the housing market gained wide backing from the General Assembly and Republican Governor Larry Hogan, according to a Washington Post story by Danielle Douglas-Gabriel.
The $10 million dollar program "…lets people with education loans purchase a home and wipe out college debt at the same time," Douglas-Gabriel reports. She goes on to detail the process saying, "Only homes owned by the state’s housing department are eligible. White said the department has nearly 20 move-in-ready homes for sale." The program works by paying off a portion of the buyer's student loan proportional to the purchase price of the home he or she is buying. "If a buyer has at least 5 percent for a down payment, the state will provide up to 15 percent of the purchase price toward outstanding student loans," Douglas Gabriel reports.
Why the state government would want to incentivize people already in debt to buy more expensive houses is beyond this reader. But, while structure of the payouts is worrisome, I'm glad to hear of any state looking to help ease the burden of student debt.
FULL STORY: This program could revolutionize homeownership for student loan borrowers
Oregon Passes Exemption to Urban Growth Boundary
Cities have a one-time chance to acquire new land for development in a bid to increase housing supply and affordability.
Where Urban Design Is Headed in 2024
A forecast of likely trends in urban design and architecture.
Savannah: A City of Planning Contrasts
From a human-scales, plaza-anchored grid to suburban sprawl, the oldest planned city in the United States has seen wildly different development patterns.
Washington Tribes Receive Resilience Funding
The 28 grants support projects including relocation efforts as coastal communities face the growing impacts of climate change.
Adaptive Reuse Bills Introduced in California Assembly
The legislation would expand eligibility for economic incentives and let cities loosen regulations to allow for more building conversions.
LA's Top Parks, Ranked
TimeOut just released its list of the top 26 parks in the L.A. area, which is home to some of the best green spaces around.
City of Rochester
Boston Harbor Now
City of Bellevue
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
City of Birmingham, Alabama
City of Laramie, Wyoming
Colorado Department of Local Affairs
Urban Design for Planners 1: Software Tools
This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.