|Posted:||February 7, 2017 10:57 AM|
|From:||Representative Jason Dawkins|
|To:||All House members|
|Subject:||Incentives for Graduates to Remain in Pennsylvania and Purchase Home|
|I am planning to introduce legislation designed to incentivize recent graduates of public universities in this Commonwealth to remain in Pennsylvania to purchase a home.
Young adults in their 20s and 30s have traditionally accounted for a substantial share of first-time homebuyers. However, millennials who are saddled with increasing amounts of student loan debt may put off purchasing a home due to concerns about being able to afford both their student loan debt and a monthly mortgage payment. Accordingly, a November 2016 Washington Post news article states: “While there are many economic factors impeding homeownership for millennials – including stagnant wages, rising home prices and conservative lending – the burden of student debt is a significant hurdle. Indeed, a recent report by credit agency Fitch Ratings concluded that homebuyers with education loans generally can afford less than those without such debt.” With this in mind, I plan to introduce two (2) separate bills to help recent graduates of Pennsylvania’s public universities to better afford the purchasing of a home.
Please join me in providing much-needed incentives that recent graduates need in order to be able to afford to become homeowners in Pennsylvania. We should help make it possible for our promising, well-educated young adults to stay, live, and work in this Commonwealth. This will allow them to build a better future for themselves and their communities, even as they contribute to strengthening the housing market and the economy.
Introduced as HB1223