January 03, 2014
Davenport may help families save for college. Thursday night, city administrator Craig Malin unveiled a proposal called College Cornerstone that would allow participants in a city property tax rebate program to put the money aside for future college costs.
Currently a program called Davenport Now rebates half of the city's property taxes for building a new home or renovating a historic home. And Malin says those rebates now average about 65-hundred dollars.
"And the math is roughly that if they have somewhere between 10 and 15 years of Davenport Now rebates, that they would likely be able to pay for two years of college."
Malin says college savings could be just another option for Davenport Now rebates.
"You can take your money and go to Cancun if you like. We don't tellyou how to spend your Davenport Now rebate, but we're going to provide this vehicle that if you invest your Davenport Nor rebate into a 529 College Savings program, you'll likely get at least two years of college tuition."
Davenport Now is scheduled to end next summer, but the city council next week will consider extending it for four more years, including the College Cornerstone proposal.