A state treasurer’s office savings program that encourages homeownership in Ohio by offering increased interest savings rates is looking to expand.

Legisla-tion will be introduced shortly — sponsored in the Ohio House by state Rep. Nick Santucci, R-Howland — to make the program available to active military duty personnel who live in another state, but are stationed in Ohio.

“It is only appropriate that those who come to the Buckeye State as part of their military service also have the ability to stay here once that service to our country is complete,” said Treasurer Robert Sprague.

Sprague unveiled the Homebuyers Plus program in January. It allows those at least 18 years old with a primary residence in Ohio to put money into a savings account that accrues interest at participating financial institutions and about 2.5% additional interest from the state.

The money saved in the program must be used within five years for down payment or closing costs on a home. 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.

There are nearly 5,500 accounts opened since the program began in January. Also, the number of financial institutions partnering with the treasurer’s office has grown from eight to 31.

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