By Marc Kovac
Record-Courier Capital Bureau
COLUMBUS — The Ohio Senate passed legislation this week that would provide down-payment assistance for college graduates who agree to stay in the state.
On a 33-0 vote, the chamber OK’d Substitute Senate Bill 5, sponsored by Sen. Steve Buehrer, a Republican from Delta.
It heads to the Ohio House for further deliberations.
“This bill has three simple goals,” Buehrer said in urging support for the legislation. “Stop brain drain, increase the number of our citizens with degrees and ... (create) a few new home buyers in our state.”
The legislation would create a Grants for Grads program, providing a limited number of awards to Ohio residents who have earned associate, bachelor’s, master’s, doctorate or post-doctorage degrees.
About 300 awards of $2,500-$10,000 would be made each year through a statewide lottery system.
The program would be aimed at first-time homebuyers, and grants would have to be used to cover closing costs or down payments.
Those receiving the funds would have to commit to living and working in Ohio for at least five years after earning degrees; liens placed on homes would provide a means for the state to recoup grant funds.
The legislation was one of the priority bills for the Republican-majority Senate.