Sprague aims to expand Ohio Homebuyer Plus eligibility for more active-duty military members stationed in Ohio
Following the early success of the Ohio Homebuyer Plus program, Ohio Treasurer Robert Sprague has announced plans to expand eligibility so more active-duty military members can take advantage of the enhanced interest rates made available through the program.
Legislation will soon be introduced to modify current eligibility criteria in order to allow active-duty military personnel who reside in another state – but are currently stationed in Ohio – to open accounts through Ohio Homebuyer Plus.
“The men and women of our armed forces represent the very best our nation has to offer,” said Treasurer Sprague. “It’s only appropriate that those who come to the Buckeye State as part of their military service also have the ability to stay here once that service to our country is complete. Ohio Homebuyer Plus would be a great benefit to them should they wish to plant permanent roots here in Ohio.”
State Representatives Brian Lampton (R – Beavercreek) and Nick Santucci (R – Howland Twp.) and Senators Brian Chavez (R – Marietta) and Terry Johnson (R – McDermott) will serve as primary sponsors of the legislative effort.
Currently, to qualify for enhanced interest savings through an Ohio Homebuyer Plus account, an accountholder 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.
Under the program, prospective homebuyers work with a participating bank or credit union to apply for a savings account. 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.
“Our state’s future relies on the strength of its people,” Sprague said. “Just as Ohio Homebuyer Plus is already helping Ohio’s families to unlock the dream of homeownership, we hope to extend the same opportunity to the military families who are stationed here.”
Since 1999, the month of May has been designated as National Military Appreciation Month. As home to more than 800,000 military veterans, retirees, and active-duty personnel, the State of Ohio remains proud to support the men and women that wear our nation’s uniform.
“The establishment of the Ohio Homebuyer Plus savings program is a great step to increase homeownership across the State of Ohio,” said Dayton REALTORS President Kelly McCormick. “Having WPAFB in our region, we have a considerable population of active-duty military in the Dayton Area. Providing more of them with the opportunity to take advantage of this program will further increase the appeal and ability to retain those that are stationed here but want to call Ohio home.”
Ohio Homebuyer Plus has quickly grown in popularity, as nearly 5,500 accounts have been opened since the savings program was launched in early January. Additionally, thus far, more than 30 financial institutions have partnered with the Treasurer’s office to bring this statewide program to Ohioans.
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