New homeowners program launches in Ohio

The state is launching a new savings program to encourage homeownership. Ohio treasurer Robert Sprague has announced the official launch of Ohio Homebuyer Plus. Eligible residents can now open enhanced interest savings accounts at participating financial institutions. To qualify, an account holder must be an Ohio resident at least 18 years of age, have a primary residence in Ohio and may only use the account proceeds toward the down payment or closing costs of a primary residence purchased in Ohio. "In today's world, the path toward homeownership contains no shortage of new roadblocks and persistent challenges," said Sprague in the release. He notes rising purchase costs to some of the highest mortgage rates in two decades as cause for Ohioans to need support in the housing market. According to Sprague, Ohio Homebuyer Plus will offer that help through enhanced interest rate to help Ohioans save and grow their money more quickly. Ohio Homebuyer Plus looks to offer above-market interest rates to account holders who deposit money at participating banks or credit unions. Individuals who open an account may also qualify for certain Ohio state income tax deductions. The programs will have prospective homebuyers work with a participating bank or credit union to apply for a savings account through Ohio Homebuyer Plus. 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. Though more financial institutions are to be added as time goes on, the current list of participants includes: • The Community Bank • Farmers & Merchants Bank • KEMBA Financial Credit Union • Pathways Financial Credit Union, Inc. • Quest Federal Credit Union • The Savings Bank • Superior Credit Union • Telhio Credit Union, Inc. Visit ohiotreasurer.gov/homebuyerplus for more information about the program and an up-to-date list of participating institutions.