Ohio REALTORS Support Military Personnel, Advocate for Homebuyer Plus Expansion
By Anastasia Kotkovskaya, Manager, Advocacy and Research
This week, Ohio REALTORS provided testimony supporting House Bill (HB) 517, which aims to expand the Ohio Homebuyer Plus Program availability to include active-duty service members stationed in the state.
The Ohio Homebuyer Plus Program, created during last year’s operating budget, helps prospective homebuyers by offering tax-favored savings accounts with interest rates as much as 2.5% higher than traditional accounts. Contributions up to $5,000 for single filers and $10,000 for joint filers can be deducted from state income taxes, making this program vital in today’s challenging real estate market.
While the program is available to any Ohio resident saving up for a home, HB 517 proposes to expand eligibility to military personnel, honoring their commitment and encouraging them to establish roots in our communities.
Since launching in January, the program has seen over 10,000 accounts opened, highlighting high demand for assistance in saving up for the purchase of a home.
Expanding eligibility supports affordable housing for servicemen and women, contributing to a more inclusive and robust housing market.
A companion bill has been introduced in the Senate. Read more about it here: Ohio REALTORS Supports Ohio Homebuyer Plus Expansion to Military Personnel
