Brian Lampton, State Representative, Ohio House District 70 — HB 517 Sponsor Testimony (June 11th, 2024)

Summary

Sponsor testimony on House Bill 517, dated June 11th, 2024, by State Representative Brian Lampton, Ohio House District, to the Economic and Workforce Development Committee. The testimony says the bill would expand the Homebuyer Plus program to include active duty service members in Ohio. It says that, according to the FDIC, the national average interest rate for savings accounts is just 0.45% as of May 2024, while Ohioans in the Homebuyer Plus program can take advantage of a net premium interest rate of 2.57% through the Treasurer’s office. It says Brian Lampton hopes to serve the men and women stationed at Wright-Patterson Air Force Base.

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                                 BRIAN LAMPTON
                           State Representative | Ohio House District 70


                                HB 517 – Sponsor Testimony

                                        June 11th, 2024

Chairman Swearingen, Vice Chair Santucci, Ranking Member Upchurch, and members of the

Economic and Workforce Development Committee, thank you for the opportunity to provide

sponsor testimony today on House Bill 517. I am honored to work with Treasurer Sprague, my

joint sponsor Representative Santucci, and the companion bill sponsors, Senators Chavez and

Johnson, on this legislative effort to expand the Homebuyer Plus program.



With today’s challenging housing market, the Homebuyer Plus program is a tremendously

valuable resource for Ohioans. According to the FDIC, the national average interest rate for

savings accounts is just 0.45% as of May 2024. With the Homebuyer Plus program, Ohioans

can take advantage of a net premium interest rate of 2.57% through the Treasurer’s office, as

well as the significant rate enhancements offered by many of the 40 plus participating banks.

These premium rates increase the financial capacity of Ohioans that would like to buy homes, in

a time when mortgage rates and home prices are high. Homeownership is not just a significant

financial investment; it is an important symbolic commitment to build a future. And as
members of state government, we have a duty to support the constituents that we serve in their

pursuit of their next home.



As the Representative for Ohio’s 70th House District, I hope to serve the men and women

stationed at Wright-Patterson Air Force Base, just as they serve our country. This bill would

expand the Homebuyer Plus program to include active duty service members in Ohio. There is

no group more deserving of the security that homeownership provides than our service

members. It is my hope that by expanding this program to include our service men and women

and helping them to purchase homes, we can enable them to put down roots here in Ohio so that

they can continue to be valuable contributors to our communities and our great state for many

years to come.



It is my hope that this bill is passed out of committee and then the House so that those service

men and women who wish to invest in their future in Ohio can begin to take advantage of the

Homebuyer Plus program as soon as possible. Please let me know if I can be a resource to you

all, and thank you for your continued consideration of House Bill 517.


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