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State Rep. Dan Troy announces ‘Homebuyer Plus’ program

State Rep. Dan Troy, D-Willowick, recently announced a new savings account plan crafted to encourage homeownership — dubbed, “the Ohio Homebuyer Plus” savings program — which will launch in January.

Under the program, Troy noted, Ohioans will have access to tax-advantaged savings that offer “above-market interest rates at participating banks or credit unions.”

The program works through a linked-deposit model, which is also used for programs such as Ag-LINK and Family Forward.

Troy said the initiative is designed to empower citizens by providing a pathway to affordable homeownership.

“Through this innovative savings model, the state of Ohio is taking active steps to help future homeowners struggling in current market conditions,” he added. “We are not just unlocking doors to houses, but to futures filled with stability and pride.”

Gov. Mike DeWine first proposed the program in his 2023 State of the State address and the program was created as part of the state operating budget.

Troy sits on the House Finance Committee and supported the proposal when the Ohio General Assembly was considering it.

Troy stated he has been a “vocal champion” of targeted residential property tax relief and has introduced House Bill 60 which increases and expands the Homestead Exemption Property Tax relief program.

Additionally, Troy sits on the Property Tax Review and Reform Joint Committee, which was put in the state operating budget at his request.

To qualify for the program, eligible account holders must be an Ohio resident, at least 18 years of age, have a primary residence in Ohio, and only use the account proceeds to pay for the down payment or closing costs of a primary residence purchased in the state.

Accounts connected to the program must be used within five years, maintain a minimum balance of $100, and cannot exceed a maximum balance of $100,000.

Ohio citizens desiring to participate will work with participating financial institutions to apply for an account.

More information and a list of participating banks and credit unions will be shared in January at www.ohiotreasurer.gov.