SUBPART P-2. GRANTS FOR GRADS PROGRAM

AND GRANTS FOR GRADS FUND

§100.91. Grants for Grads Program; intent; definitions; program

A. Legislative findings. The legislature finds that:

(1) Many of Louisiana's residents relocate from Louisiana upon completion of their college careers due to a perceived lack of economic opportunity.

(2) The future success of the society and economy of Louisiana is dependent upon a diverse population, including citizens of all ages and educational backgrounds, and in particular, those who have completed a higher education.

(3) Home ownership reflects a commitment to remain in Louisiana and to continue the tradition and culture of our great state for the graduate and his family.

B. For purposes of this Subpart, the following words and phrases shall have the following meanings:

(1) "Agency" means the Louisiana Housing Corporation.

(2) "Applicant" means a person who has registered for the program and who has made his application to receive a grant within the authorized time period.

(3) "College" means an institution of higher education.

(4) "First home" or "home" means the first residential real property located in Louisiana to be purchased by a grantee, which property shall serve as the grantee's primary residence upon its acquisition for not less than one year. Additionally, the home shall not be purchased from an immediate family member of the grantee or from a business in which an immediate family member of the grantee owns more than a ten percent interest.

(5) "Graduate" is a person who is eligible to register for, apply for, and receive a grant awarded pursuant to the provisions of this Subpart.

(6) "Grant" means a monetary grant or cash payment awarded to a person by the Louisiana Housing Corporation pursuant to the provisions of this Subpart.

(7) "Grantee" or "grant recipient" is a person who has been awarded a grant.

(8) "Institution of higher education" means a public postsecondary institution of higher education or a private postsecondary institution of higher education which is accredited by a regional accrediting organization which is recognized by the United States Department of Education.

(9) "Louisiana resident" means any of the following:

(a) A person who was a resident of Louisiana at the time of his graduation from a Louisiana public high school or a nonpublic high school which is approved by the State Board of Elementary and Secondary Education, and who is a resident of Louisiana when he registers for the Grants for Grads Program.

(b) A person who was a Louisiana resident at the time of completing, through the twelfth grade level, a home-study program approved by the State Board of Elementary and Secondary Education, and who is a resident of Louisiana at the time of registering for the Grants for Grads Program.

(c) A person who attended an out-of-state high school that was accredited by a regional accrediting organization recognized by the United States Department of Education and met the standards adopted by the State Board of Elementary and Secondary Education for approval of nonpublic schools in Louisiana or from a high school approved by the United States Department of Defense and whose parent was a resident of Louisiana at the time of his graduation from such high school, and who is a resident of Louisiana at the time of registering for the Grants for Grads Program.

C. There is hereby established the "Grants for Grads Program" for the purpose of providing grants of cash awards to certain Louisiana residents who have received an associate, baccalaureate, masters, or other postgraduate degree, which shall be used by the grantee to pay for the down payment or closing costs on the purchase of a first home in the state of Louisiana. The program shall be administered by the Louisiana Housing Corporation, hereinafter referred to as "agency". Participation in this program shall require a graduate to be eligible and register for the program, and then to apply for the grant in accordance with the provisions of this Subpart.

Acts 2008, No. 748, §1, eff. July 6, 2008; Acts 2011, No. 408, §5(B), eff. July 5, 2011.