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Section 135.71 | Purpose of homeownership savings linked deposit program.

Ohio Revised Code
/
Title 1 State Government
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Chapter 135 Uniform Depository Act
 
A new version of Section 135.71 exists that takes effect April 30, 2024View New Version
Effective:
October 3, 2023
Latest Legislation:
House Bill 33 - 135th General Assembly
PDF:
Download Authenticated PDF
 

(A) The general assembly finds that making homeownership more attainable is an important part of fostering a robust and lasting population across the state. However, individuals often struggle to accumulate the financial resources needed to purchase a home. Accordingly, it is declared to be the public policy of the state through the homeownership savings linked deposit program to make available premium rate savings accounts for the down payment and closing costs associated with the purchase of a home.

(B) An eligible participant for the homeownership savings linked deposit program is an individual who is a resident of this state and has applied for a homeownership savings account at an eligible savings institution.

(C) An eligible participant shall certify on the application that the funds in the homeownership savings account shall be used exclusively for eligible home costs.

(D) A homeownership savings account shall be owned by not more than one eligible participant and an eligible participant shall hold not more than one homeownership savings account per program period at any eligible savings institution.

(E) Not later than January 31, 2027, the treasurer of state and the tax commissioner shall issue a report regarding the efficacy of the homeownership savings linked deposit program. The report shall include all of the following:

(1) The number of homeownership savings accounts created;

(2) The number of participating eligible savings institutions;

(3) The total amount contributed into the accounts;

(4) The average yield on the accounts;

(5) Any other information the treasurer of state or tax commissioner deems relevant.

The report shall be delivered to the governor, the speaker of the house of representatives, and the president of the senate.

Last updated October 5, 2023 at 4:54 AM

Available Versions of this Section