Effort Announced to Expand Ohio Homebuyer Plus Eligibility

COLUMBUS, Ohio – Ohio Treasurer Robert Sprague on Wednesday announced plans to expand eligibility for the Ohio Homebuyer Plus program so more active duty military members can take advantage of the enhanced interest rates made available through the program.

Legislation will soon be introduced to modify current eligibility criteria to allow active-duty military personnel who live in another state but are currently stationed in Ohio to open accounts through Ohio Homebuyer Plus.

“The men and women of our armed forces represent the very best our nation has to offer,” Sprague said. “It’s only appropriate that those who come to the Buckeye State as part of their military service also have the ability to stay here once that service to our country is complete. Ohio Homebuyer Plus would be a great benefit to them should they wish to plant permanent roots here in Ohio.”

The legislation is sponsored by state Reps. Nick Santucci, R-Howland Township, and Brian Lampton, R-Beavercreek, along with state Sens. Brian Chavez, R-Marietta, and Terry Johnson, R-McDermott.

“Our state’s future relies on the strength of its people,” Sprague said. “Just as Ohio Homebuyer Plus is already helping Ohio’s families to unlock the dream of homeownership, we hope to extend the same opportunity to the military families who are stationed here.”

Ohio Homebuyer Plus offers above-market interest rates to account holders who deposit money at participating banks or credit unions. Additionally, individuals who open an account may also qualify for certain Ohio state income tax deductions.

Currently, to qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an 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.

Published by The Business Journal, Youngstown, Ohio.