New Ohio Homebuyer Plus savings program to launch in January

Ohio Gov. Mike DeWine, Lt. Gov. Jon Husted, and Treasurer Robert Sprague on Nov. 28 announced details of the Ohio Homebuyer Plus program, a new savings account plan designed to encourage homeownership in Ohio.  

The program, which was first proposed by Governor DeWine in his 2023 State of the State address, will make specialized, tax-advantaged savings accounts available to Ohioans to assist them on their homebuying journey. Prospective homebuyers can open Ohio Homebuyer Plus accounts through participating financial institutions beginning in January. 

"This savings account program is part of our work to holistically improve access to adequate, affordable housing in Ohio," said Governor DeWine. "By making it easier for residents to save, we can help more Ohioans achieve their dreams of homeownership."   

The program is being created with support from the Ohio General Assembly as part of the state operating budget that Governor DeWine signed in July. The program will be administered by the Ohio Treasurer's Office. 

Following the same “linked deposit” model used for existing programs like Ag-LINK and Family Forward, Ohio Homebuyer Plus will offer 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. 

To qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an eligible account holder must: 

• Be an Ohio resident at least 18 years of age; 

• Have a primary residence in the State of Ohio; and 

• Only use the account proceeds toward the down payment or closing costs of a primary residence purchased in Ohio. 

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.