Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
Carl Horst Chief Executive Officer at Cincinnati Area Board of REALTORS | Official website
In January 2024, Ohio launched the Homebuyer Plus Program to support residents in their pursuit of homeownership. This initiative provides specialized savings accounts with tax advantages and higher interest rates, aimed at helping Ohioans save for down payments and closing costs.
The program allows eligible participants to open savings accounts at participating financial institutions, offering enhanced interest rates to boost savings growth. Contributions to these accounts may also qualify for state income tax deductions, providing additional financial benefits.
To qualify for the program, applicants must be at least 18 years old, reside in Ohio, and use the account funds solely for purchasing a primary residence within the state. The accounts require a minimum opening deposit of $100 and can hold up to $100,000. Funds must be used within five years of opening the account.
Participants are eligible to deduct up to $5,000 in contributions per year ($10,000 for married couples) from their Ohio taxable income. There is a lifetime maximum deduction of $25,000 per contributor per account. Third-party contributors such as parents or grandparents can also benefit from these deductions.
Several banks and credit unions across Ohio have partnered with the program to offer Homebuyer Plus accounts. Notable participants include 1st National Bank, Heartland Bank, Consumers National Bank, Pathways Financial Credit Union, and LCNB National Bank. These institutions provide competitive interest rates along with additional benefits for account holders.
Prospective homebuyers interested in enrolling should contact a participating bank or credit union to open an Ohio Homebuyer Plus account. It is important to review the program’s participation statement before opening an account to understand all terms and conditions.
For more information and a list of participating financial institutions, visit the Ohio Treasurer’s official website.
The Ohio Homebuyer Plus Program offers residents a significant opportunity to achieve homeownership through strategic savings and financial incentives.
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