Ohio REALTORS Supports Ohio Homebuyer Plus Expansion to Military Personnel
By Anastasia Kotkovskaya, Manager, Advocacy and Research
Ohio REALTORS offered testimony in support of Senate Bill (SB) 257, legislation proposing expansion of the Ohio Homebuyer Plus Program to include military personnel.
The Ohio Homebuyer Plus Program was established during last year’s operating budget to assist prospective homebuyers by providing tax-favored savings accounts with above-market interest rates for the saving of a purchase of a home. Accounts opened through this program allow contributions up to $5,000 for single filers and $10,000 for joint filers to be deducted from their state income taxes, with interest rates 2.5% higher than the traditional savings account. The program has proven essential in today’s challenging real estate market, where rising home values and interest rates have made saving for a home increasingly difficult, especially for first-time homebuyers.
This year, first-time homebuyers made up 32% of the market, an increase from last year’s 26%. To maintain this momentum, we support efforts to provide resources and incentives that facilitate homeownership for those who would otherwise face barriers to entry into the housing market.
SB 257 proposes expanding eligibility of the Ohio Homebuyer Plus Program to active-duty military personnel stationed in Ohio, which is paramount in honoring their commitment to our country and providing them with the opportunity and incentive to establish roots in our communities.
Since the program went live in January, it has seen over 8,000 accounts opened, demonstrating the high demand for accessible pathways to homeownership. The expansion of eligibility is seen as a crucial step in supporting affordable housing for our servicemen and women and contributing to a more inclusive and robust housing market.
Read more about this bill:
SB 257 | 135th General Assembly | Ohio Legislature
