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Illinois paying $25M in student loans to incentivize homeownership

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Illinois is paying off $25 million worth of student loans for people buying homes in the state.

The SmartBuy program, which launched in December, pays up to $40,000 in student loans and provides a $5,000 loan toward a down payment or closing costs.

The initiative is designed to keep homebuyers in Illinois, as they must stay in the home for at least three years or repay a portion of the student loan assistance.

Read more from the Chicago Tribune.

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