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Salt Lake City Lawmakers Advance Bill for Low-Income Student Housing

Student in a universityLawmakers in Salt Lake City advanced a bill that would support housing for low-income students, amid the high price of homes in the region.

The House Economic Development and Workforce Services Committee passed the HB312 proposal to help low-income and first-generation college students in finding homes near their universities by matching private funds for buying homes.

Rep. Mike Winder, R-West Valley City sponsors the proposal and the progress on the legislation marked the beginning of providing financial aid to poor students.

Breaking Cycles

Winder said that the bill would not only help students with their housing needs, but also stop the continuous cycle of poverty. Only 5% of students from low-income households are able to complete a bachelor’s degree and the housing proposal should encourage them to finish their college education, he added.

Rep. Angela Romero, D-Salt Lake City, praised the legislation as an important step towards relieving students from the burden of spending time on their commute instead of studying for a test.

Other Financing

The bill comes at a time when home prices in most cities in the country are so expensive that they will cost you a fortune. In Salt Lake City, the median price for a home amounts to $355,000. That’s definitely expensive especially when your income falls below that figure.

Despite this, there are ways for your acquire homes even when you’re still paying off a current loan. With many companies offering attractive packages, Altius Mortgage Group and other experts say that many providers have decided to improve their mortgage refinance rate in Salt Lake City to get ahead of the competition.

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A good reason for refinancing your present mortgage is the chance to make the most of the possibility of lowering the current interest rate on your loan, so it’s worth your time to check if you should apply for one.

Even as homes in Salt Lake City become more costly, it’s worth noting that the local government and private sector can provide financial assistance to make the process of owning a home much easier.

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