OHFA TO ADMINISTER INCENTIVE PROGRAM AIMED AT KEEPING GRADUATES IN OHIO

 

COLUMBUS — Over the next several months, the Ohio Housing Finance Agency (OHFA) will implement a program introduced by Senator Stephen Buehrer to encourage homeownership among Ohio's graduates. Through the Grants for Grads program, graduates who purchase a home and remain in the state for at least five years may qualify to receive down payment and closing cost assistance. The program was approved by the Senate and merged into the biennial budget bill, which was signed by Governor Ted Strickland on July 17.

 

This is an interesting program, but it seems sort of weird.  Does it only apply to graduates of Ohio schools? or can a graduate of a school in a different state qualify? It's for first time home buyers in an attempt to stop brain drain...but that would put the target group at about 23-24 years old.

 

How many people are buying houses at the age of 23 or 24?  Especially if you have to keep it for 5 years...i mean, who planned 5 years into the future?

 

 

I have 3 friends that are all between the ages of 22 and 24 who have just bought homes in Cincy within the past year

That's awesome, I just wish they did this about 3 years ago!!  We definitely need more programs to encourage younger people to purchase and stay in Ohio.  Also, it applies to not just Bachelor's but Graduate degrees as well.  I was 27 when I got my Master's degree and there were certainly people older than me in my classes.

This is an interesting program, but it seems sort of weird.  Does it only apply to graduates of Ohio schools? or can a graduate of a school in a different state qualify? It's for first time home buyers in an attempt to stop brain drain...but that would put the target group at about 23-24 years old.

 

Correct me if I'm wrong, but it looks like you had to graduate from an Ohio high school and then graduate from any college.  So if you were originally from Ohio and went out-of-state for college, the state will pay to get you back.

 

It seems like a great idea... but I can't exactly see myself participating.  I'm graduating from college in December and I'm 21.  I can't see myself buying a house by June 2011, but who knows.

I bought a house last year when I was 24.....  I guess I was actually only 23 when we started the whole process!

Let's not forget, I doubt we'll see home prices this low for long.  This could turn out to be a great program to bring back some of Ohio's own.

While the intent to keep Ohio graduates here is a good one...why not expand that to all college graduates from anywhere? i mean, why not offer people from out of state the option of getting these loans... why not have more incentives for people from out of state to move here?

^

I completely agree. The people moving to Ohio are just as valuable as the people it can retain

Not a bad idea. 

 

I was born in Ohio, grew up and went to college in Michigan, and am now back. Apparently, I'm not good enough for the State?

 

I'd say it's probably more like "in state" and "out of state" tuition....you and your family have paid taxes in some form to the state most of your lives, so you get cheaper tuition at state schools...because you have paid into the system.  Families in Ohio might be willing to let their tax money be used for this program IF it keeps their children from moving away....but not so willing to fund a blanket program that gives anyone money to move to Ohio.  I mean, you have to have some kind of limits too...Ohio's budget is not busting at the seems with extra cash....the program needs to spend prudently.  Might be easier to track and prosecute abuse of the program if the family is from Ohio too. 

While the intent to keep Ohio graduates here is a good one...why not expand that to all college graduates from anywhere? i mean, why not offer people from out of state the option of getting these loans... why not have more incentives for people from out of state to move here?

 

I have a feeling the decision was only made for financial limitations. First priority is to slow down brain drain.

I just think that if you're trying to slow the brain drain giving people loan forgiveness towards student loans instead of mortgages is the way to go...only because a lot of grads aren't looking to buy a house in the first 18 months...and certainly those that are already will.

 

I think student loan forgiveness or grants or something like that (provided you stay for 5 years...blah-blah-blah) would be a better way to stop brain drain.

 

Until i moved to Cincinnati i didn't know a single person that bought a house right out of college...now i know 1.  I would have qualified as i bought a house within 12 months of my graduate degree...but i'm from Michigan...so, i can't.

Misguided.  Most grads already want to stay here.  They can't because they can't find competitive jobs.  The money should be invested in job growth.

Misguided. Most grads already want to stay here. They can't because they can't find competitive jobs. The money should be invested in job growth.

Well if only the magic "job growth" pot hadn't been stolen by those darn economic leprechauns we'd be all set.

All the TARP money, the mayor's scholarship money, etc., etc. all should have been loans to out of state businesses to relocate to the City of Cleveland.  There are complimentary industries here that would make locating here (all other things being equal) attractive to outside businesses.  Particularly light manufacturing.