The City of East Lansing and Michigan State University (MSU) recently unveiled a plan to give six, $5,000 forgivable loans to several employees who buy homes in East Lansing’s Bailey, Southeast Marble, Red Cedar, Chesterfield Hills/Central and Oakhill neighborhoods.
Three MSU employees and three City of East Lansing employees will receive the Employee Home Ownership Program (EHOP) award.
“This exciting, new joint initiative will offer City of East Lansing and MSU employees a new incentive to purchase a home in the community in which they work," says East Lansing Mayor Victor Loomis. "The EHOP program will allow a larger base of City and MSU employees to experience the high quality of life East Lansing has to offer, while simultaneously encouraging retention of the East Lansing workforce and reinvestment in East Lansing's older, historic neighborhoods.”
The loans will be forgiven at a rate of 20 percent each year. After five years of living in a home purchased under the assistance program, the forgivable loan will be considered paid in full as long as all requirements of EHOP have been met.
Source: Mikell Frey, City of East Lansing
Ivy Hughes, development news editor, can be reached here.