Thursday, February 19, 2009

San Marcos Makes Home Loan Offer to Professors

When you discover that a college professor and her family are moving into the house across the street, your first reaction probably is not, "Well, that's just great. So much for this being a nice, quiet neighborhood for my children. I guess my property value is shot!" The City of San Marcos is instead hoping that its residents will welcome a greater number of educators to the community, and that research and desirable commercial development will follow. The City Council is offering a forgivable home loan of $5000 to professors at Texas State University who will move to San Marcos and help to create a community of educators and learners that connects the school with the rest of the city's residents. As long as those accepting the money stay in their homes and work for the university for at least five years, they will not have to pay back the loan.

San Marcos, which is located southwest of Austin, is a town that could use some stimulus for its 52,000 residents. The increased property and sales tax would help San Marcos during these difficult economic times. Also, as Mayor Susan Narvaiz points out, the city needs some help with the way it looks on paper. San Marcos has the lowest per capita income in the area at $13, 486 and the percentage of adults who hold college degrees is significantly lower than their neighbors in Austin. Narvaiz said that "when a major company wants to bring good, high-paying jobs here, they don't necessarily want to come into a community" like the one offered by San Marcos. So, the effort is of benefit both for the professors who want a nice home that is close to campus and to the other residents who will enjoy all that a university setting has to offer.

At Bertolino LLP, we have attorneys who practice in the area of real estate law. If you are a professor at Texas State who plans to take up the City of San Marcos on their generous offer, please contact us. We can make sure that the entire process goes smoothly for you. We have offices in Austin, Houston, and San Antonio.

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