Lawmakers Introduce Bill To Help First-Time Homebuyers
A third of Ohioans do not own a home.
Two state lawmakers have introduced a bill that they say will change those figures by helping first-time homebuyers. Ohio Public Radio's Jo Ingles reports.
Republican Senators Bob Peterson and Theresa Gavarone say too many millennials are saddled with student debt and can’t save enough for down payments on homes. So 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. Contributions of up to $5000 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.