Sub. S. B. No. 5 - Grants for Grads Program

• Creates the Grants for Grads Program administered by the Ohio Housing Finance Agency to provide cash grants to Ohio residents who have graduated from institutions of higher education to help pay down payments or closing costs on their first home purchase in Ohio.

• Establishes grant amounts based on degree level: $2,500 for associate degrees, $5,000 for baccalaureate degrees, and $10,000 for postgraduate degrees.

• Conducts random lottery selection twice yearly (by January 31 and July 31) to award 150 grants per six-month period from eligible applicants, with 50 alternate grantees selected for any remaining available funds.

• Requires grantees to intend to live and work in Ohio for at least five years after graduation and places a five-year lien on the purchased home, with declining lien amounts (100% to 20%) if the grantee relocates out of state before five years.

• Creates the Grants for Grads Fund in the state treasury to be administered by the Ohio Housing Finance Agency and funded through appropriations, grants, gifts, and contributions.