New Ohio Homebuyer Plus Savings Program Announced by Rep. Troy

COLUMBUS - State Rep. Daniel P. Troy (D-Willowick) this week announced a new savings account plan crafted to encourage homeownership. The Ohio Homebuyer Plus savings program will launch in January 2024.

Under this program, Ohioans will have access to a tax-advantaged savings program that offers above-market interest rates at participating banks or credit unions. This program works through a linked-deposit model, which is also used for programs such as Ag-LINK and Family Forward.

“I am pleased to announce the creation of this savings program. This initiative is designed to empower citizens by providing a pathway to affordable homeownership. Through this innovative savings model, the State of Ohio is taking active steps to help future homeowners struggling in current market conditions. We are not just unlocking doors to houses, but to futures filled with stability and pride,” said Representative Troy.

Governor Mike DeWine first proposed this program in his 2023 State of the State address, and the program was created as part of the state operating budget. Representative Troy sits on the House Finance Committee and was supportive of this proposal when it was being considered by the Ohio General Assembly.

Representative Troy has been a vocal champion of targeted residential property tax relief. He has introduced House Bill (HB) 60, which increases and expands the Homestead Exemption Property Tax relief program. Additionally, he sits on the Property Tax Review and Reform Joint Committee, which was put in the state operating budget at Representative Troy’s request.

To qualify for the Ohio Homebuyer Plus program, eligible account holders must be an Ohio resident of at least 18 years of age, have a primary residence in Ohio, and only use the account proceeds to pay for the down payment or closing costs of a primary residence purchased in Ohio.

The account connected to the program must be used within five years, maintain a minimum balance of $100, and cannot exceed a maximum balance of $100,000. Ohio citizens desiring to participate will work with participating financial institutions to apply for an account.

More information and a list of participating banks and credit unions will be shared in January at  www.ohiotreasurer.gov.