Stephen Maloney, staff writer at New Orleans City Business published an interesting article at the end of last month that was of particular import to young professionals who might be thinking of buying their first home. The article discusses the “Grants for Grads” program which was signed into law by Governor Jindal on July 6th of this year.
What this grant provides is a $10,000 or $15,000 state tax rebate for those Louisiana native college graduates who are buying their first home. And what a fantastic opportunity this is to take advantage of if you fit the requirements (went to high school in LA, are now a recent college graduate, are interested in buying a first home)! Individuals receive the $10,000 rebate, married couples the $15,000.
The idea behind the Grants for Grads program is to counter a perceived “brain drain”, as the article refers to it, where Louisiana natives are leaving the state after college to settle elsewhere. Why this in actuality may not be terribly true, what is important is that the grant is now law, is very real, and is giving money away to first time home buyers. I urge you strongly to see if you qualify for the very minimal requirements and jump at this opportunity and once in a lifetime incentive!
Here are the more detailed requirements:
Eligibility: Any LA resident who has received a college degree in 2008 and was a LA resident when they graduated from high school.
Requirements: Must provide evidence of LA residency and a certified transcripts from the high school and colleges from which they graduated. Applicants must intend to live in LA for five years from the point at which they buy their first LA home.
Here’s the website for Louisiana Housing Finance Agency where you can find information about applying for the Grants for Grads program: http://www.lhfa.la.gov/grant/grantsApplicationNew.php
Here’s a link to Stephen Maloney’s article (hosted on All Business’ website, although I read the article in City Business): http://www.allbusiness.com/government/government-bodies-offices-regional-local/11712793-1.html
If you qualify, apply! If you need any type of help with this and/or with finding a home to purchase, contact me and I will be there for you. -Charlie