Madmallard
.223 Rem
If you’re a recent college graduate living upstate and you have yet to buy a home, you’re hardly alone.
Millennials nationwide have delayed purchasing a first home, and this is something Gov. Andrew Cuomo wants to combat. On Friday, the governor proposed a $5 million Graduate to Homeownership Program aimed at getting recent graduates to make that first purchase, so long as its upstate and near a downtown center.
“Upstate colleges and universities have world-class programs that produce highly skilled graduates — who then leave for opportunities elsewhere,” Cuomo said. “This program will incentivize recent graduates to put down roots in upstate communities, helping to bring new energy into their downtown centers, spur their development and increase their economic vitality.”
The program will target current students and recent graduates, and incentivize homeownership with subsidized low interest loans, down payment assistance and online or on-campus homebuyer education courses. The loans would come from the State Of New York Mortgage Agency, which has served more than 8,000 residents over the past six years.
The upstate component of the program is rooted in statistics from the governor’s office showing that New York City leads the nation with more than 71 percent of college students remaining in the area after they graduate. Upstate communities like Rochester and Buffalo, on the other hand, haven’t fared so well.
The downtown component, meanwhile, is part and parcel with the governor’s downtown revitalization initiative — a $100 million program that helps upstate downtown communities become places people would want to live and work.
Cuomo wants Millennials to buy homes upstate
Millennials nationwide have delayed purchasing a first home, and this is something Gov. Andrew Cuomo wants to combat. On Friday, the governor proposed a $5 million Graduate to Homeownership Program aimed at getting recent graduates to make that first purchase, so long as its upstate and near a downtown center.
“Upstate colleges and universities have world-class programs that produce highly skilled graduates — who then leave for opportunities elsewhere,” Cuomo said. “This program will incentivize recent graduates to put down roots in upstate communities, helping to bring new energy into their downtown centers, spur their development and increase their economic vitality.”
The program will target current students and recent graduates, and incentivize homeownership with subsidized low interest loans, down payment assistance and online or on-campus homebuyer education courses. The loans would come from the State Of New York Mortgage Agency, which has served more than 8,000 residents over the past six years.
The upstate component of the program is rooted in statistics from the governor’s office showing that New York City leads the nation with more than 71 percent of college students remaining in the area after they graduate. Upstate communities like Rochester and Buffalo, on the other hand, haven’t fared so well.
The downtown component, meanwhile, is part and parcel with the governor’s downtown revitalization initiative — a $100 million program that helps upstate downtown communities become places people would want to live and work.
Cuomo wants Millennials to buy homes upstate
