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
Pennsylvania Mall Conversion Bill Passes House
If passed, the bill would promote the adaptive reuse of defunct commercial buildings.
World's Largest Wildlife Overpass In the Works in Los Angeles County
Caltrans will soon close half of the 101 Freeway in order to continue construction of the Wallis Annenberg Wildlife Crossing near Agoura Hills in Los Angeles County.
U.S. Supreme Court: California's Impact Fees May Violate Takings Clause
A California property owner took El Dorado County to state court after paying a traffic impact fee he felt was exorbitant. He lost in trial court, appellate court, and the California Supreme Court denied review. Then the U.S. Supreme Court acted.
California Grid Runs on 100% Renewable Energy for Over 9 Hours
The state’s energy grid was entirely powered by clean energy for some portion of the day on 37 out of the last 45 days.
New Forecasting Tool Aims to Reduce Heat-Related Deaths
Two federal agencies launched a new, easy-to-use, color-coded heat warning system that combines meteorological and medical risk factors.
AI Traffic Management Comes to Dallas-Fort Worth
Several Texas cities are using an AI-powered platform called NoTraffic to help manage traffic signals to increase safety and improve traffic flow.
City of Costa Mesa
Licking County
Barrett Planning Group LLC
HUD's Office of Policy Development and Research
Mpact Transit + Community
HUD's Office of Policy Development and Research
Tufts University, Department of Urban and Environmental Policy & Planning
City of Universal City TX
ULI Northwest Arkansas
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.