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
High Housing Costs Are Bad News for Older Millennials
Burdened by rising housing costs, many millennials are finding it increasingly difficult to pay off debt or save for the future.
The Argument Against Home Ownership
If you pay a 20% down payment for a home, you’re making a leveraged bet that the home will maintain or grow its value.
Maryland Highway Widening Plans Moving Forward Under New Governor
Maryland Governor Wes Moore is differentiating his new administration from his predecessor’s, but some projects, like the widening of federal highways in the Capital Beltway, stay the same.
Trump Administration Could Effectively End Housing Voucher Program
Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.
Planetizen Federal Action Tracker
A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.
Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?
As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?
Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing
A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.
Wildlife Rebounds After the Eaton Fire
Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.
LA to Replace Inglewood Light Rail Project With Bus Shuttles
LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.
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.
Central Transportation Planning Staff/Boston Region MPO
Heyer Gruel & Associates PA
Institute for Housing and Urban Development Studies (IHS)
City of Grandview
Harvard GSD Executive Education
Regional Transportation Commission of Southern Nevada
Toledo-Lucas County Plan Commissions