Granholm to Encourage College Students to Stay in Michigan
Governor Jennifer M. Granholm (D, MI) announced late last week, in a conference call with the editors of various college newspapers, that she was launching a new program to encourage recent college graduates to stay in Michigan. The Michigan State Housing Development Authority will begin offering recent graduates from a Michigan college or university a low-interest housing loan that is 2 percentage points lower than the market rate. The discount will continue for up to 3 years from the student's graduation.
This program will operated on a first-come, first served basis. There will be $10 million in loans available. Once those funds are depleted, no more of these loans will be made.
One of the conditions that this offer is that the homes purchased under this program must be in one of eight Michigan cities that Governor Granholm has targeted as "needing a little extra help". These cities are:
- Benton Harbor;
- Detroit;
- Flint;
- Hamtramck;
- Highland Park;
- Muskegon Heights;
- Pontiac; and
- Saginaw.
