YSU students Leah Franke of Boardman, left, Jamie Beasley of Hubbard, center, and Lindsay DeLullo of Poland protest the changes coming to YSU, along with others outside Tod Hall late Wednesday afternoon.

YOUNGSTOWN — The state treasurer’s office is offering a savings program that encourages homeownership in Ohio through an effort that offers increased interest savings rates.

The program, Homebuyers Plus, allows those at least 18 years of age to put money into a savings account that accrues not only interest at participating financial institutions but also about 2.5% additional interest from the state, Treasurer Robert Sprague said.

“We know that when people buy a home in the state of Ohio, people invest in Ohio,” Sprague said Wednesday at a news conference at the Youngstown / Warren Regional Chamber. “When they buy in the Mahoning Valley, they stay in the Mahoning Valley.”

The rising costs of real estate and mortgage rates make it harder for people to purchase homes, Sprague said.

“The No. 1 thing that we need to do as a state for the future is to be able to not just attract talent, but retain talent,” he said. “It has a lot to do with not just our housing stock, but with people being able to afford a home.”

The money saved in Homebuyers Plus must be used within five years for down payment or closing costs on a home, Sprague said. Accounts can have as little as $100 in it and up to $100,000. Also, there is a tax deduction for any money put into the account though participants have to pay taxes on the interest they earn, he said.

By offering the program, Sprague said: “It’s going to make a difference in our local communities. It’s going to make a difference to the people of the state of Ohio.”

Guy Coviello, president and CEO of the Youngstown / Warren Regional Chamber, said he welcomes any program that helps grow the housing stock.

The chamber is focused, he said, on “growing the population” of the area.

“We quickly realized that if you grow the population, we don’t have enough houses for people to live in,” Coviello said. “So growing the housing stock is right behind growing the population.”

Youngstown Mayor Jamael Tito Brown said he supports the Homebuyers Plus program.

Also, as part of an effort to improve Youngstown’s existing housing stock and encourage home ownership, the city put aside $10 million in American Rescue Plan funds for three initiatives.

“We’re moving in the right direction in all aspects,” Brown said.

The most expensive program, approved Dec. 14 by city council, allocates $5 million in ARP funding to create the At Home in Youngstown program, which will be administered by Huntington Bank.

Expenses covered under the program include a maximum of $5,000 for down payments and closing costs and up to an additional $10,000 for interior plumbing, electrical and structural repairs and energy efficient upgrades to windows, furnaces and hot water tanks.

Those who qualify must stay in the house for at least five years or the funds have to be returned. Total annual household income must fall between $27,450 and $104,220 with the homebuyer’s minimum contribution being $500.

Another program sets aside $3 million in ARP funds for a residential facade program to allow qualifying single-family, owner-occupied homeowners in the city to improve and update the exterior of their houses. The program is to be administered through Valley Partners.

There is an option for a dollar-for-dollar matching grant of up to $10,000 or a five-year loan with 1% interest up to $10,000.

Eligible improvements include house painting, installation or replacement of shutters or awnings, window replacements, sidewalk or driveway replacements, siding replacement, step replacement or repairs and garage repairs.

Homeowners who receive matching funds have to stay in the house for five years.

There is also $2 million for a revolving loan program that allows landlords to undertake repairs and renovations to rental units to make them safe and livable for tenants. This program is also administered through Valley Partners.

The program allows landlords to address housing code violations and improve the city’s housing stock.

Landlords can borrow up to $50,000 per single-family property and up to $100,000 for multi-unit houses at 2% interest for up to five years.

The program requires landlords to maintain the property for five years and not increase rent to current tenants during that same time frame. A sale would require the landlord to immediately repay the loan.

“What can we do better to improve the housing stock and also invite individuals to live in the city of Youngstown?” Brown said.

City council on June 7 approved using $3 million in ARP funds for a citywide roof replacement program. The fund is paying for about 250 roof replacements.

The city has spent $370,662 for 29 roof replacements to date, according to data provided Wednesday.

Council on Nov. 1 agreed to use $8 million in ARP funds to develop a plan to build new houses and rehabilitate existing structures.