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Proponent Written Testimony on House Bill 517 — Jared Weiser, Ohio Credit Union League

Summary

Proponent written testimony in support of House Bill 517 before the Ohio House Economic & Workforce Development Committee, from Jared Weiser, Director, Legislative Affairs, Ohio Credit Union League (OCUL). The testimony says the bill seeks to expand the Ohio Homebuyer Plus Program from the Ohio Treasurer of State’s Office to allow certain military personnel stationed in Ohio to participate. It says that, through May 2024, the Treasurer’s Monthly Portfolio shows Ohio’s credit unions serving 1,273 Homebuyer Plus accounts with over $127 million in state funds invested. It thanks Representatives Santucci and Lampton, the sponsors of HB 517.

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“Proponent Written Testimony on House Bill 517 — Jared Weiser, Ohio Credit Union League.” Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/2024-06-18-econ-workforce-dev-testimony-testimony-12429-747e99ba15/, SHA-256 f19030e12c99809c7acbed3c12a13a8cb05b797a36764a1c8bca8276f0ebe0ac.

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                                             Before the
                                  Ohio House Economic & Workforce
                                       Development Committee

                                     Proponent Written Testimony
                                     in Support of House Bill 517

                               Jared Weiser, Director, Legislative Affairs
                                      Ohio Credit Union League
                                 jweiser@ohiocul.org | (614) 923-9705


Chairman Swearingen, Vice Chair Santucci, Ranking Member Upchurch, and members of the
House Economic and Workforce Development Committee, thank you for the opportunity to
support House Bill 517. This commonsense piece of legislation in front of you seeks to expand
upon the successful Ohio Homebuyer Plus Program from the Ohio Treasurer of State’s Office to
allow certain military personnel stationed in Ohio to participate in the program.
The Ohio Credit Union League (OCUL) is the state trade association representing the collective
interests of Ohio’s 211 federally and state-chartered credit unions and their 3.2 million
members. As member-owned financial cooperatives, credit unions are committed to helping
everyone achieve their financial dreams, including home ownership.
By way of background, the Ohio Homebuyer Plus Program was an initiative created via the
state budget, Substitute House Bill 33 of the 135th Ohio General Assembly. Within Sub. HB 33
were provisions aimed at both expanding the Ohio Treasurer of State’s Linked Deposit
programs and increasing credit union access to those programs. Upon the passage of Sub. HB
33, the Ohio Treasurer’s Office was granted authority to develop a fourth Linked Deposit
program aimed at home ownership in addition to the Ag-LINK, Grow NOW, and Family Forward
programs.
This collaboration has resulted in growing success for the Linked Deposit program. Specifically,
through May 2024, only five months since the Ohio Homebuyer Plus Program’s inception, the
Treasurer’s Monthly Portfolio shows Ohio’s credit unions serving 1,273 Homebuyer Plus
accounts with over $127 million in state funds invested. This initial success illustrates how Ohio
credit unions continue to be trusted mortgage lenders due to their community presence and safe
and sound lending practices. This serves as a shining example of the impact possible when the
state and other public entities partner with not-for-profit credit unions to put people and their
needs first.
HB 517 builds upon the success of the Ohio Homebuyer Plus Program by expanding program
access to include active-duty service men and women assigned to an Ohio military base. This
commonsense update provides those serving our country with an opportunity to participate in
the program if they wish to make Ohio their permanent home. We thank the sponsors of HB
517, Representatives Santucci and Lampton, for their work on this important issue.
We would also like to thank the Ohio Treasurer’s Office for actively engaging all stakeholders,
including Ohio credit unions, to ensure the Linked Deposit rules would foster safe, sound, and
sustainable program participation. We applaud the Ohio Treasurer's willingness and
commitment to working collaboratively throughout the rulemaking process to ensure any
changes to the Linked Deposit programs best serve Ohioans.
Thank you for the opportunity to support HB 517. Please feel free to contact me if I can assist
the Committee with its important work.

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