Friday, October 30, 2009

Trying to Plug the Brain Drain

States are trying various ways to hold onto to their educated young people, the ones who may otherwise see no future in their home towns. Ohio is trying with the Grants for Grads program. In it, first time homebuyers who have graduated from a college or university in the last 18 months, and graduates of an Ohio high school who meet the income limits are eligible to have a grant to buy a home in the state. They can qualify for a grant of up to 2.5% of their home's purchase price, which will not have to be paid back if they live in Ohio for the next 5 years. For more information, see the website or call 888-362-6432.

The Louisiana has an interesting twist to their Grants for Grads program: native Louisianans who get a degree, either in or outside the state, or those outside the state whose parents are from Louisiana and reside in the state at the time of their graduation, must register within 60 days of graduation to be eligible. No earlier than 2013, a drawing of those registered graduates will be held, and 100 of them will receive the grant to purchase their primary residence. They will be well-rewarded for sticking to the state: their grant will be the total of the last 5 years of their state income tax or $10,000, whichever is the less (for single taxpayers), and, for married taxpayers, either the total of both their last 5 year's state income tax or $15,000, whichever is the less.

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