Swearingen, Wilkin Announce First-Time Home Buyer Savings Act Passes Ohio House

COLUMBUS – House Bill 186, legislation sponsored by State Representatives DJ Swearingen (R-Huron) and Shane Wilkin (R-Hillsboro) passed the Ohio House by a vote of 90-0. The goal of this legislation is to help Ohioans of all ages achieve the goal of homeownership. 

House Bill 186 will allow for the creation of savings accounts at financial institutions in Ohio that future buyers can use as a means of purchasing a new home, and get a tax deduction based on contributions to the account.

“With the housing market being as hot as it is it is imperative that we provide programs to help first time home buyers realize the dream of owning a home and this legislation will play a major role in making that dream a reality,” said Wilkin. 

This legislation would establish savings account similar to those many have active for college funds. These accounts would allow for contributions up to $5,000 for single filers and $10,000 for joint filers. Thirteen states have this law enacted and twelve others are quickly following suit with bills in their legislatures.

The money in these savings accounts can only be allocated to the down payments or allowable closing costs associated with the first time purchase of a home. 

“Homeownership is part of the American dream and it is encouraging to see our state legislature support this bill as it will help those eager to achieve homeownership in a fiscally responsible way,” added Swearingen. 

Homeownership provides many social and economic benefits to both the homeowners and the communities across our state. House Bill 186 will help put Ohioans on the right track to realizing their dream of homeownership.

This legislation will now go to the Senate for concurrence.