Ohio Homebuyer Plus Program Bringing Savings Opportunities in January

Ohio Governor Mike DeWine, alongside Lt. Governor Jon Husted and Treasurer Robert Sprague, has unveiled the Ohio Homebuyer Plus program. This innovative savings account plan aims to encourage homeownership among Ohio residents and provide them with a pathway to achieve their homeownership dreams.

Originally proposed by Governor DeWine during his 2023 State of the State address, the Ohio Homebuyer Plus program will offer specialized, tax-advantaged savings accounts to Ohioans to assist them on their journey toward becoming homeowners. Starting in January, prospective homebuyers can open Ohio Homebuyer Plus accounts through participating financial institutions.

Governor DeWine expressed the program's broader mission, stating, "This savings account program is part of our work to holistically improve access to adequate, affordable housing in Ohio. By making it easier for residents to save, we can help more Ohioans achieve their dreams of homeownership."

The Ohio Homebuyer Plus program received support from the Ohio General Assembly and was included in the state's operating budget signed by Governor DeWine in July. The Ohio Treasurer's Office will administer the program.

Lt. Governor Husted emphasized the program's role in enhancing the quality of life for Ohioans, saying, "With the challenges in today's market, we are encouraging Ohioans through this program to think about their future here and to take the steps necessary to enhance their quality of life."

Following the "linked deposit" model used for existing programs like Ag-LINK and Family Forward, Ohio Homebuyer Plus will provide above-market interest rates to account holders who deposit funds at participating banks or credit unions. Additionally, those who open an account may qualify for specific Ohio state income tax deductions.

Treasurer Sprague highlighted the program's significance in helping prospective homebuyers overcome market challenges. He stated, "Through Ohio Homebuyer Plus, we're putting the strength of the state's balance sheet to work for Ohioans as they build their nest egg and the savings needed to make one of life's most important purchases."

To be eligible for enhanced interest savings through an Ohio Homebuyer Plus account, individuals must meet certain criteria, including being an Ohio resident at least 18 years of age, having a primary residence in the State of Ohio, and using the account proceeds solely for the down payment or closing costs of a primary residence purchased in Ohio. Accounts must be utilized within five years, maintain a minimum balance of $100, and not exceed a maximum balance of $100,000.

Ohio Homebuyer Plus is set to launch in January 2024, with a specific launch date to be announced in the near future. Prospective homebuyers will collaborate with participating banks or credit unions to apply for a savings account through Ohio Homebuyer Plus.

For more information and updates, including a list of participating financial institutions, visit www.ohiotreasurer.gov when the program launches in January. Ohio Homebuyer Plus aims to make homeownership more accessible and achievable for residents across the state, promoting financial stability and long-term security.