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New Bill Aims To Help Ohioans Save For First Home

Home for sale sign
Amy Sancetta
Associated Press

One-third of Ohioans are not homeowners. Two lawmakers want to change that with a bill they say will help first-time homebuyers.

Republican state Sens. Bob Peterson (R-Washington Court House) and Theresa Gavarone (R-Bowling Green) say too many millennials are saddled with student debt and can’t save enough for down payments on homes.

They are sponsoring a bill that would allow first time homebuyers to create special savings accounts to help put back money for that purpose.

“The account holders would simply create a savings account as you would right now and once it is open, they can begin depositing funds," Gavarone says. "Contributions of up to $5,000 for single filers and $10,000 for joint filers, plus accrued interest, are tax deductible each year."

The bill would also allow people to contribute to accounts for others. The program mimics those already in place in a handful of other states.