Proposal would offer loan relief for Pittsburgh home buyers

PITTSBURGH — Buying a home in Pittsburgh could soon help you get one step closer to paying off your student loans.

Tuesday, City Councilman Corey O'Connor will introduce a Will of Council that would tie buying a home to student loan relief.

You can talk to almost anyone on the street, a friend or a family member, and they have a student loan that will take them years and years to pay off,” said O’Connor. “Why not assist them and get something out of it because they become new property owners."

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He hopes it will push Pennsylvania to adopt a similar program implemented by Maryland last November called SmartBuy, which helps young adults buy homes by paying for a portion of their student loans based on the value of the home.

SmartBuy pays 15 percent of the total value of a mortgage toward the buyer’s student loan debt.

"Anything that will help home buyers in the city we would love to see, but we want to make sure it's feasible," said Anissa Coury, Pittsburgh executive director for the real estate association ACRE.

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Coury said she likes the concept but wants to see a finished product before deciding if it is right for Pittsburgh.

After the “Will of Council” is given tomorrow, O’Connor plans to lobby legislators in Harrisburg. Pittsburgh will be the first city to suggest the change to do so in Harrisburg.

Cox Media Group