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Newburgh Heights will pay off student loan debt for home buyers

The village hopes to attract new residents.
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NEWBURGH HEIGHTS, Ohio -- The village of Newburgh Heights is offering a new incentive to new residents.

Village council on Tuesday approved legislation on a student loan assistance program that will pay off student loan debt up to $50,000 for those who purchase homes in Newburgh Heights.

The program will pay out 80 percent of student loans after 10 years of residency and 100 percent after 15 years. Money will come from local income tax.

To be eligible, home buyers must purchase a single-family home for at least $50,000 and must have a bachelor's degree from a four-year college or university.

Newburgh Heights Mayor Trevor Elkins said in a statement issued last month that response toward the program has been positive.

“We’re excited about this tool," Elkins added on Wednesday. "It is a major step toward bringing new families back to Newburgh Heights.”