Ohio has long been trying to counteract the "brain drain," a phenomenon in which its youth leave the state after completing higher education, taking talent and Ohio's investment elsewhere. In another effort to combat the problem, the Ohio Housing Finance Agency (OHFA) launched its "Grants for Grads" program Oct. 19. The program will offer assistance to college graduates who attended high school in Ohio to buy their first home in Ohio. They must apply within 18 months of earning a college degree anywhere in the country. The editorial board of The Miami Student recognizes the importance of fighting Ohio brain drain and supports the rudimentary structure set forth by OHFA's program. However, we feel modest adjustments must be made for the program to have its maximum impact.
The initiative itself is a creative response to a nagging problem. Still, we question the wisdom of encouraging recent graduates to buy houses. It is common for graduates to rent apartments rather than invest in a house. With the burden of student loans, graduates might first need to focus on paying off existing debt. Furthermore, the program doesn't address the source of the problem, namely the lack of employment. People will not stay in Ohio if the jobs don't exist. Instead, they will seek employment in cities where they will have a better chance of success. Moreover, if graduates aren't able to find jobs in Ohio, they won't be able to afford to buy a house anyway. So perhaps the money spent on this program would have been better spent on job-creation efforts.
That being said, the program offers an attractive incentive for graduates to remain in Ohio if they can. Some of its stipulations unnecessarily preclude certain graduates from eligibility. The limitation requiring graduates to have received a degree within 18 months is too short and should be extended, perhaps up to five years. The longer time period will allow graduates sufficient time to get their feet under themselves and acquire a job to support themselves. Additionally, some graduates join programs such as the Peace Corps or Teach for America, which require a commitment of two or more years. These graduates would be unable to apply for assistance through OHFA's program. The OHFA program has a sound foundation, but requires slight modifications to make its potential impact as large as possible. As Ohio looks to retain talented youth in its labor force, it must also work to create jobs for them.
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