To qualify to receive grant funds upon any given vesting date, an Eligible Person must meet all eligibility criteria as hereafter set forth.
(a) The Eligible Person shall demonstrate that he/ or she continuously owned, resided in, and was domiciled in a single-family home in the Village of Newburgh Heights from the date of the approval of the grant application through the applicable vesting date, and that the single-family home was purchased by the Eligible Person after the enactment of this ordinance in an arms-length transaction for an amount equal to or greater than fifty thousand and 00/100 dollars ($50,000.00). The Eligible Person must reside and be domiciled in the single family home, the purchase of which fulfilled their eligibility requirement hereunder.
(b) The Eligible Person shall enter into a Student Loan Assistance Program liability waiver agreement with the CIC.
(c) 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.
(d) The Eligible Person must not be in default to any creditor in connection with any student loan.
(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 degree was earned 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 in nursing (B.S.N.) 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.)