Ohio Homebuyer Plus Savings Program to Launch in January

COLUMBUS, Ohio – A new savings account plan designed to encourage homeownership in Ohio is set to begin.

The Ohio Homebuyer Plus program, which was first proposed by Gov. Mike DeWine in his 2023 State of the State address, will make specialized, tax-advantaged savings accounts available to Ohioans. Prospective homebuyers can open Ohio Homebuyer Plus accounts through participating financial institutions beginning in January.

“This savings account program is part of our work to holistically improve access to adequate, affordable housing in Ohio,” DeWine said. “By making it easier for residents to save, we can help more Ohioans achieve their dreams of homeownership.”  

Following the same “linked deposit” model used for existing programs like Ag-LINK and Family Forward, Ohio Homebuyer Plus will offer above-market interest rates to account holders who deposit money at participating banks or credit unions. Individuals who open an account may also qualify for certain Ohio state income tax deductions.

“Ohio is the best place to live, work and raise a family, and we want to continue to create new opportunities to build a life in our state,” Lt. Gov. Jon Husted said. “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.”

To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible account holder must:

• Be an Ohio resident at least 18 years old.
• Have a primary residence in the state.
• Use the account proceeds toward only the down payment or closing costs of a primary residence purchased in the state.

Accounts connected with Ohio Homebuyer Plus must be used within five years, maintain a minimum balance of at least $100 and cannot exceed a maximum balance of $100,000.

More information, including a list of participating financial institutions, will be shared HERE when the program launches in January.

Published by The Business Journal, Youngstown, Ohio.