SENATE, No. 764

SECTION 1.  Subsection (a) of section 2 of chapter 121D of the General Laws, as appearing in the 2004 Official Edition, is hereby amended by inserting after clause (8) the following clause:-

; and (9) A program for homeownership of Massachusetts educated students.  Not less than $25,000,000 shall be expended from the fund to provide for a program of homeownership of Massachusetts educated students for a first-time home purchase by a household whose income at the time of such purchase does not exceed 135 per cent of the area median income, adjusted for family size; provided, that:- (1) such program will assist such households with $10,000 toward the cost of first-time homeownership purchase; (2) the purchaser must own and occupy the property as his or her primary residence; (3) such program shall only be available to applicants who have within 10 years prior to the date of application, (i) graduated from an accredited post-secondary school located within Massachusetts, (ii) completed a vocational-technical program approved pursuant to chapter 74, or (iii) completed an approved apprentice agreement registered with the division of apprentice training pursuant to chapter 23; and (4) if such home is sold within 5 years, the participant in said program shall repay to the fund a prorated amount of such assistance based on the number of years resided in the home and the department of housing and community development may hold a lien on such property and levy on such lien in accordance with guidelines issued by the department.

SECTION 2.  Said subsection (a) of said section 2 of said chapter 121D, as so appearing, is hereby amended by striking out, in line 22, the word “and”.