Akron discussing giving vacant homes to recent college graduates with student loan debt
Akron, OH: Community leaders are mulling over a new approach to getting residents into vacant homes, while at the same time assisting people that have completed their higher education.
The City Council’s Housing Committee is discussing a program to offer recent college graduates the opportunity to move into and become owners of vacant or abandoned properties.
The initial idea involves those with at least $5,000 in student loan debt having the option to move into an abandoned property, and be required to bring the structure up to code to maintain residence.
Those recent grads would be required to reside in the home for at least seven years; without subleasing the property to others. At the end of the seven-year period, those grads would then become the owners of the property.
The program remains in early stages of discussion at this time, but has momentum given the ever-rising student debt total for the United States, as well as the challenges many communities face with keeping or enticing young professionals into those communities for extended periods.
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