Application Process for Newburgh Heights Student Loan Assistance Grant Program
Graduate from an accredited four-year college or university with a bachelor’s degree or greater, or with a B.S.N. in nursing.
Purchase a single-family home in an arms-length transaction for a purchase price of fifty thousand and 00/100 (%50,000.00) or greater.
(For purposes of these regulations, a single family home shall include a multi-family home that meets all of the following criteria: (i) the home is or becomes, prior to the time of any grant award, converted by means of construction, rehabilitation and/or refurbishment into a single family home, (ii) the home has been inspected by the Village Building Department and certified as a single family home, and (iii) the records of the Cuyahoga County Fiscal Office/Auditor reflect that the home is registered and listed for tax valuation purposes as a single family home.)
Within 10 years of graduation, submit grant application.
Application will include, but not be limited to:
- proof of a bachelors or nursing degree from a four-year accredited college or university,
- proof of home ownership in the Village,
- proof of the arm’s length purchase price for said home
- proof of domicile within the Village
- proof of the existence of current and outstanding student loan debt
The Treasurer/Fiscal Officer shall require proof of continuing eligibility and satisfaction of the eligibility criteria upon or after any vesting date.
Payment of grant funds shall be by check issued by the CIC to the Eligible Person within 45 days following determination of the Eligible Person’s satisfaction of all eligibility criteria as of the vesting date. The applicant will be responsible for providing documentation as necessary.
Vesting dates are as follows:
- On the ten-year anniversary of the authorization of a Student Loan Assistance Grant, such grant shall be considered eighty percent (80%) vested, and the Fiscal Officer shall pay the grant applicant an amount equal to the lesser of the sum of eighty percent (80%) of the awarded Student Loan Assistance Grant.
- On the date that is the fifteen-year anniversary of the date on which the Fiscal Officer approved and authorized a Student Loan Assistance Grant, such grant shall be considered one hundred percent (100%) vested, and the Fiscal Officer shall pay the grant applicant the remaining balance of the grant after deducting the previously paid eighty percent (80%) of the grant paid to the Eligible Person during the applicable vesting periods.
Eligibility Criteria include, but are not limited to:
- The Eligible Person must be current in the payment of any property taxes or other taxes due and owing with respect to the property, including but not limited to: taxes levied against real property pursuant to Ohio Revised Code Title LVII – Taxation, taxes levied against real property pursuant to any other section of the Ohio Revised Code now in existence or as may be provided for in the future, any tax or assessment by any governmental authority now in existence or as may be provided for in the future, and any and all assessments that may be levied against the property, such as nuisance abatement fees owed to the Village.
- The Eligible Person must not be in default to any creditor in connection with any student loan.
- The Eligible Person must provide proof of domicile within the Village. “Domiciled” shall mean establishing domicile by satisfying both of the following criteria: (i) residing for some period of time in the Village of Newburgh Heights, but, in any full calendar year for not less than six (6) months and (ii) having the intent to reside in Newburgh Heights permanently or indefinitely. Verification of domicile to be determined by proof of annual local income tax return filings (R.I.T.A.) and evidence of a Newburgh Heights voting record if applicable, and/or any other means established by law.