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Article VIII, Section 14 | Financing for housing program


To create or preserve opportunities for safe and sanitary housing and to improve the economic welfare of the people of the state, it is hereby determined to be in the public interest and a proper public purpose for the state to borrow money and issue bonds and other obligations to make available financing, at reasonable interest rates to consumers substantially reflecting savings in the cost of money to lenders resulting from the implementation of this section, for the acquisition, construction, rehabilitation, remodeling, and improvement of privately owned multiple-unit dwellings used and occupied exclusively by persons sixty-two years of age and older, and privately owned, owner occupied single family housing by providing loans to, or through the agency of, or originated by, or purchasing loans from, persons regularly engaged in the business of making or brokering residential mortgage loans, all as determined by or pursuant to law. Laws may be passed to carry into effect such purpose and to authorize for such purpose the borrowing of money by, and the issuance of bonds or other obligations of the state and to authorize the making of such loans, which laws, bonds, obligations, and loans shall not be subject to the requirements, limitations, or prohibitions of any other section of Article VIII, or sections 6 and 11 of Article XII, Ohio constitution, provided that moneys raised by taxation shall not be obligated or pledged for the payment of bonds or other obligations issued pursuant to laws enacted under this section.

The powers granted in this section shall be in addition to and not in derogation of existing powers of the state.

Any corporation organized under the laws of this state may lend or contribute moneys to the state on such terms as may be agreed upon in furtherance of laws enacted pursuant to this section.