Gov.Andrew Cuomo has announced the proposal of a homebuyer assistance plan that aims to encourage recent college graduates to remain upstate. 

"Graduate to Homeownership," a $5 million pilot program, aims to provide recent college graduates with homebuyer assistance to remain Upstate, especially in downtown areas.

The program will provide assistance to recent graduates through subsidized low interest loans, down payment assistance and homebuyer education courses.

Governor Cuomo said:

Upstate colleges and universities have world-class programs that produce highly skilled graduates, who then leave for opportunities elsewhere. This program will incentivize recent graduates to put down roots in upstate communities, helping to bring new energy into their downtown centers, spur their development and increase their economic vitality

New York City leads the nation with more that 71 percent of students from colleges and universities remaining in the area after graduating, while many upstate communities struggle to retain graduates.

The initial pilot program of $5 million will be expanded in future years of the program if proven successful.