To enact section 175.50 of the Revised Code to provide grants to qualifying applicants for mortgage assistance and to name the act the Mortgage Stability Act.
Summary
HB910 would create the “Save the Dream Ohio” program within the Ohio Housing Finance Agency to provide grants to homeowners for delinquent mortgage payments. The bill defines eligible homeowners broadly to include certain land installment contract purchasers and fiduciaries with control of the property, so long as the housing is owner-occupied in Ohio.
To qualify, an applicant’s adjusted gross income for the most recently completed tax year must be $75,000 or less, and the homeowner must have lived in the property for at least five years. The agency could use up to $10 million in available funds to administer the program, and the bill expressly exempts the program from the agency’s existing income-limit rules under section 175.05. A homeowner could receive more than one grant, but no more than $3,000 total in a calendar year. The agency would also be required to adopt rules governing applications and standards for determining disability-related eligibility considerations.
Impact
The bill would add a new section to the Revised Code, section 175.50, and establish a new mortgage assistance grant program administered by the Ohio Housing Finance Agency. It would direct state housing resources toward delinquent mortgage relief for qualifying homeowners, potentially affecting homeowners facing temporary financial hardship, as well as the agency’s budgeting and rulemaking responsibilities. The act would also be formally named the Mortgage Stability Act.
Sentiment
The bill appears generally supportive of homeowner assistance and housing stability, with its introduction and sponsorship suggesting an effort to prevent mortgage delinquency and foreclosure. Because there were no committee transcripts or recorded votes provided, there is no documented opposition or debate in the available materials. The overall posture of the bill is therefore best characterized as favorable but still early in the legislative process.
Contention
The main policy questions raised by the text are eligibility and program design. The income cap of $75,000, the five-year residency requirement, the $3,000 annual assistance limit, and the use of up to $10 million in agency funds could all be points of debate over whether the program is targeted enough and whether the funding level is sufficient. The bill also gives the Ohio Housing Finance Agency discretion to define disability-related criteria in rule, which could draw attention from advocates concerned about implementation, fairness, and access.