Ohio to launch Homebuyer Plus program next year

Those considering buying a home in Ohio may be in luck starting next year.

The state recently announced a new program aimed at encouraging homeownership in the state through specialized tax-advantage savings accounts for Ohioans to buy a house.

According to the Governor's office, prospective homebuyers can open Ohio Homebuyer Plus accounts through participating financial institutions starting in January.

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

Ohio Homebuyer Plus will offer above-market interest rates to accountholders 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.

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.

To qualify for the program an applicant must be 18 years or older, have a primary residence in Ohio and only use account proceeds toward the down payment or closing costs of a residence in Ohio.