Home sweet home: Newburgh Heights passes college loan payment plan

NEWBURGH HEIGHTS, Ohio --  Newburgh Heights city council on Monday night voted to pass a proposal with the promise of a big payout: Move to Newburgh Heights and the village will help with your student loans.

It's a move city leaders hope will give people an incentive to call Newburgh Heights home. They say already they are surprised and excited by the volume of calls and interested people wanting to move from other states like Georgia and New York.

Mayor Trevor Elkins says he was looking to the future of their small village to try and grow the population. Right now, more than 2,000 people live in the village.

Elkins introduced legislation that would help pay off new homeowners' students loans -- up to $50,000.

But, there are stipulations: You have to purchase the home after you've graduated from a four-year accredited college; the home has to be valued at more than $50,000; and, it has to be an arm's-length transaction, so it can't be a short sale or a sheriff's sale.

People who live in Newburgh Heights for 10 years will get an 80% payout and after 15 years, the full amount.

The money used to pay off the debt will come from local income tax, with residents paying that right back into the economy.

By law, there is a 30-day waiting period for this proposal to take effect. It will become law on January 4.