OBL Activates Advocacy Campaign in Light of Home Buyers Plus Changes

Ohio Homebuyer Plus FI Funding Cap (Effective September 1, 2024)

The FI Funding Cap will be set at $50 million in order to preserve capacity for newer and additional FI participation.

Saver/TOS Deposit Funding (Effective September 1, 2024)

• FIs with Fewer than 50 Savers Funded: Savers approved after September 1, 2024, will be funded at $100,000/Saver until the FI has 50 funded Saver Accounts. (Note: not subject to "true ups").

• FIs with More than 50 Savers Funded: Savers approved after September 1, 2024, will be funded at $25,000/Saver until the FI reaches the FI Funding Cap.

• FIs at the FI Funding Cap: At the FI's discretion, new Savers may be submitted for approval, but no TOS Deposit Funding will be provided, nor will the Treasurer's office provide "true up" funding for any $0.00 funded Savers.

Excess Funded TOS Deposits (Effective January 2025)

Per the design of the program, TOS deposit balances will always be greater than aggregate Saver account balances at an FI; however, some FIs have received disproportionate TOS funding. To avoid adverse liquidity impacts on those partner FIs, the Treasurer's office will allow excess funding to remain on deposit with the FIs for calendar year 2025.

To differentiate the nature of these deposits, the Treasurer's office will segregate TOS Deposits into separate accounts as follows:

• TOS Deposits Saver Funding Account: This account balance is determined by multiplying $25,000 by the total number of approved Savers with open accounts as of December 31, 2024. The balance in this account will fluctuate as new Savers are funded and as Savers close their accounts. The TOS Deposits Saver Funding Account is subject to the FI Funding Cap.

• TOS Deposit Excess Funding Account: This account balance is determined by subtracting the TOS Deposits Saver Funding Account balance from the total outstanding TOS Deposit funding as of December 31, 2024, and is not eligible for "true up" funding.

TOS Deposit Interest Rates (Effective January 2025)

The Treasurer's office will utilize a new interest rate calculation methodology (Interest Rate). The Interest Rate will be determined and published quarterly, and the rate will be based on the existing 3-month Bid Ohio rate determination methodology (which closely emulates the 90-day U.S. Treasury Bill rate.) The Interest Rate is applied to the TOS Deposit Accounts as follows:

• TOS Deposit Saver Funding Account
• • TOS: 25% x Interest Rate
  • Saver Premium Rate: 75% x Interest Rate
• TOS Deposit Excess Funding Account
• • Q1 2025 TOS: 25% x Interest Rate
  • Q2 2025 TOS: 50% x Interest Rate
  • Q3 2025 TOS: 75% x Interest Rate
  • Q4 2025 TOS: 100% x Interest Rate

Example: The following uses the most recent 3-month Bid Ohio funding at 5.10%:

TOS Deposit Saver Funding Account:

TOS Deposit Excess Funding Account:

The Treasurer's office will publish updated FI Operating Guidelines prior to September 1, 2024. Additionally, the Treasurer's office will continue to analyze data collected from the FI monthly files to formulate any additional program adjustments that may be needed.

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