Ohio to Launch New Homebuyer Plus Savings Program to Encourage Homeownership

Takeaways:

• Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Treasurer Robert Sprague have announced the Ohio Homebuyer Plus program, a new savings account plan to encourage homeownership in Ohio.

• The program will make specialized, tax-advantaged savings accounts available to Ohioans to assist them in buying a home.

• Prospective homebuyers can open Ohio Homebuyer Plus accounts through participating financial institutions starting in January.

• The program will offer above-market interest rates and potential state income tax deductions to account holders.

• To qualify, individuals must be Ohio residents, have a primary residence in Ohio, and use the account proceeds for the down payment or closing costs of a primary residence in Ohio.

References:

[1] New Ohio Homebuyer Plus Savings program to launch in January. Link

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