SD offers free housing money for recent grads

A brand new South Dakota program intended to spur home ownership among recent college grads appears to be generating quick returns.

The State Housing Authority launched the Grants for Grads program just three months ago, and already, scores of recent graduates have taken advantage.

The program is open to first-time homebuyers who meet income requirements, are purchasing primary homes in South Dakota, and have earned an accredited associates, bachelors, masters, or doctoral degree in the past five years.

Gov. Dennis Daugaard says his administration is thrilled with the result. "It gives them up to 5 percent of the value of the home loan. So it’s a very nice gift to help a young person … a good reason to locate in South Dakota. We’ve already had 97 people take advantage of it. There are so many reasons to settle down in South Dakota, and receiving support for your dream home buying experience is just one of the many.”

Anyone interested in the program should work with a participating lender.