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LEBANON, OH -- State Representatives Adam Mathews (R-Lebanon) and Dani Isaacsohn (D-Cincinnati) have introduced legislation to increase the housing supply and stabilize home prices across the state by incentivizing local governments to adopt pro-housing policies. This first-of-its-kind bill will revolutionize how local governments around the state approach housing supply by creating a housing fund grant program.
The program will be administered by the Ohio Housing Finance Agency, and local governments will be eligible to apply for the grants if they adopt at least three of the following twelve pro-housing policies:
This local approach will allow local governments to choose the policies best for their communities, if any, and create incentives to foster a statewide drive to adopt policies that will best help homebuyers.
“This is not a partisan issue, but a generational one, and we are proud to have a broad range of support from across Ohio for this legislation,” said Mathews. “Rep. Isaacsohn and I are younger members of this General Assembly, and we want to build a future where people can find their own piece of the American dream right here in Ohio. This bill would mark a huge step forward in making Ohio both the heart and home of it all.”
“Everyone in Ohio deserves a safe place to call home that they can afford to live in. Our housing market isn’t working: there are too few places to rent and not enough houses to buy, making everything more expensive. This bill is about pursuing bipartisan solutions to address the urgent challenges that people in Ohio are experiencing when it comes to finding a place to live.” said Isaacsohn.
Local governments would be required to use the funds to boost homeownership, prepare sites for development, support tenants, or pursue other specific pro-housing policies. The fund aims to be revenue-neutral through the elimination of a non-business tax credit given to owners of multiple properties.
The legislation awaits a bill number and House committee assignment.