Ohio REALTORS testify in support of key housing measures contained in the proposed state budget
By Andrew Huffman, Ohio REALTORS Director of Government Affairs
Rachel Lewitt, chair of Ohio REALTORS Legislative Steering Committee, testified before the Ohio Senate Finance Committee yesterday voicing the Association's strong support for two key programs included in the proposed state operating budget (House Bill 33) -- the Homeownership Savings Linked Deposit Program and consumer protections against long-term right-to-list agreements.
HB 33, which passed the Ohio House of Representatives in late April, is a $200 billion biennial operating budget that must be approved by June 30. The Senate Finance Committee is expected to pass its version of the budget the week of June 5, with a full Senate vote expected the following week. The measure will then go to a Conference Committee to reconcile differences prior to the June 30 deadline.
Lewitt noted that the Homeownership Savings Linked Deposit Program, a long-supported REALTOR-backed measure, would give Ohioans the ability to establish savings accounts that would offer above-market interest rates and allow participants to deduct from their state income taxes (up to $5,000 per year for single filers or $10,000 for couples filing jointly). The account funds could be used for downpayment and closing costs.
The long-term right-to-list agreement prohibition is aimed at protecting consumers from deceptive practices that, in exchange for upfront cash, lock homeowners into listing agreements that can be enforced upwards of 40 years. Earlier this year, Ohio Attorney General David Yost filed a lawsuit to prohibit the practice.
"(Ohio REALTORS) believe these provisions will provide Ohioans with a valuable tool to overcome the financial hurdles associated with homeownership and will protect current and future homeowners from questionable business practices that lock them into long-term listing agreements," Lewitt told the Committee.
Lewitt also provided written testimony that expressed support for other provisions, including housing tax credits and a rule change for household sewage treatment systems. CLICK HERE to read the full testimony.
