Helping millennials with housing

HARTFORD, Conn. (AP) — Some states are looking for ways to keep educated young professionals within their borders for years to come by helping out with their housing costs.

Initiatives like mortgage down-payment assistance, rent subsidies, urban homesteading incentives and even "millennial villages" are being considered to help young adults in the 18-to-34-year-old range plant roots in communities.

Many millennials are burdened with student loan debt, in addition to difficult job market and a less affordable housing market than their parents.

Connecticut lawmakers are considering a bill that would provide a tax break to help college graduates rent or buy their first home in certain urban areas. To be eligible, the millennial must have at least $20,000 in student debt.

Rhode Island is already awarding grants for mortgage down payments to recent college graduates.

Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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