By Staff

Whether you’ve grown up on Long Island or have simply grown fond of your home-away-from in Hempstead during your collegiate years, the likelihood of staying put in Nassau or Suffolk County after graduation has become a pipedream for most University students. With the average Long Island home selling for about $500,000 and property taxes well beyond the national average, students fortunate enough to land an entry-level job straight out of college, will be forced to relocate in search of more affordable areas or live in their parent’s basements if they chose to stay.The exodus of Long Island’s younger workers has troubled politicians and entrepreneurs in the area for some time now. In 2004, a study sponsored by The Rauch Foundation of Garden City dubbed this problem the “brain drain,” reporting that the number of people age 18 to 34 living in Nassau and Suffolk Counties shrunk by 20 percent in the 90s. Nationwide baby boomers outnumber generation X, which can account for a portion of the drop in younger residents, however, when compared to four percent decrease experienced throughout the rest of the country, Long Island experienced a more dramatic change in its demographics. What was even more disturbing was that 53 percent of young adults who were surveyed said they were considering moving out as well, citing the high cost of real estate and taxes.The study concluded that: “The region is exporting its most valuable product – its talented young people.” That was two years ago. Today, it’s still the same Long Island, only the future looks a bit more promising. This week, an assembly of local and state politicians, business owners, housing groups and our very own President Stuart Rabinowitz patted each other on the backs as they announced a new program that could potential plug up the drain of Long Island’s talented young people. Rabinowitz zeroed in on the lack of affordable housing, an issue that Nassau County’s Planning Commission has been working on addressing, but at a very slow pace. Other speakers, including New York Senator Dean Skelos spoke of the strain its placed on local businesses who want to remain on Long Island, but fear the pool of potential employers is rapidly drying up. But before you start saying your last goodbyes to the beaches, the bagels, the iced teas and that Long Guy-land accent, whether you’re a native or you just started to pick it up – no there is H.E.L.P. Also known as the Homeownership and Economic Stablilization for Long Island Program, this plan will provide downpayment assistance and rehabiliation grants to help young people purchase and repair their first home. There are certain requirements that an applicant must meet in order to receive the financial help. For example, a single person must make less than $80,000 per year in order to qualify. However, with most starting salaries around $20,000, the majority of young graduates will fit the bill. It’s too early to tell how successful this plan will be once its put into action, but on paper, there is much to like. First, it offers a variety of ways that young people can receive H.E.L.P., such as matching grants, which involves contributions from both employers and the state to assistance new workers in placing a downpayment on a home. H.E.L.P. also entitles eligible workers to receive grant money of up to $20,000 for home repairs. Plus, the plan calls for more affordable “workforce” housing to be built across the island. But what students, especially those who have already been told to file for graduation, will find most inspiring is that the plan will go into effect in January 2007. Looks like it might be a happy new year.