In an effort to retain a young, educated workforce, the state has announced a program to help recent graduates buy homes in the state. The “Ocean State Grad Grant,” as its being called, is being offered to people buying a home in-state within three years of graduating from college or graduate school.
Grants, of up to seven thousand dollars will be awarded to help with a mortgage down payment. The program is being run by the quasi-government agency, Rhode Island Housing, which has set aside 350-thousand dollars for the program.
State leaders hope it will spur homeownership among young people who may be tempted by job opportunities out of state to help pay off high student debt.
Officials say it’s still too early to gauge interest among those eligible… though a recent study by the Urban Land Institute found that some 70 percent of millennials, people born in the 80’s and 90’s, expect to own a home in the next five years.
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