Any applicant for a grant under the Student Loan Assistance Grant Program must meet all of the following requirements to be an "Eligible Person."
(a) The applicant must be a human being who owns a single-family home located within the Village of Newburgh Heights. For purposes of this subsection, the applicant must own a home in fee simple, or jointly and severally or as a tenant in common. Any corporation, limited liability company, partnership, limited partnership, Real Estate Investment Trust, organization, trust or other legal entity is ineligible for grant funding under the Student Loan Assistance Program. 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) records of the Cuyahoga County Fiscal Officer/Auditor reflect that the home is registered and listed for tax valuation purposes as a single family home.
(b) The applicant must have purchased his/her single-family home after the enactment of this ordinance in an arms-length transaction for a purchase price of fifty thousand and 00/100 dollars ($50,000.00) or greater.
(c) The applicant must be and remain domiciled in the Village of Newburgh Heights and must be able to demonstrate proof of domicile.
(d) The applicant must have graduated from an accredited four year college or university with a bachelor's degree or greater (including, but not necessarily limited to, any masters or doctoral degree) or with a degree (B.S.N.) in nursing.
(e) The applicant must have proof of existing and outstanding student loan debt as of the date of application, which debt was incurred solely for the purposes of paying educational expenses of the Eligible Person and/or toward the Eligible Person's degree, including tuition, room and board and/or expenses in connection with obtaining the degree required for participation in the grant program, and which debt was incurred within ten (10) years of the date of submission of the grant application hereunder.
(f) The eligible person must have graduated from an accredited four year college or university with a bachelor's degree or greater (including, but not necessarily limited to, any masters or doctoral degree) or with a degree (B.S.N.) in nursing within no more than ten (10) years of applying for a grant under the Student Loan Assistance Grant Program.
(Ord. 2020-24. Passed 5-5-20.)