Section 135.71 | Purpose of homeownership savings linked deposit program.
(A) The general assembly finds that making homeownership more attainable is an important part of fostering a robust and lasting population across the state. However, individuals often struggle to accumulate the financial resources needed to purchase a home. Accordingly, it is declared to be the public policy of the state through the homeownership savings linked deposit program to make available premium rate savings accounts for the down payment and closing costs associated with the purchase of a home.
(B) An eligible participant for the homeownership savings linked deposit program is an individual who is a resident of this state and has applied for a homeownership savings account at an eligible savings institution.
(C) An eligible participant shall certify on the application that the funds in the homeownership savings account shall be used exclusively for eligible home costs.
(D) A homeownership savings account shall be owned by not more than one eligible participant and an eligible participant shall hold not more than one homeownership savings account per program period at any eligible savings institution.
(E) Not later than January 31, 2027, the treasurer of state and the tax commissioner shall issue a report regarding the efficacy of the homeownership savings linked deposit program. The report shall include all of the following:
(1) The number of homeownership savings accounts created;
(2) The number of participating eligible savings institutions;
(3) The total amount contributed into the accounts;
(4) The average yield on the accounts;
(5) Any other information the treasurer of state or tax commissioner deems relevant.
The report shall be delivered to the governor, the speaker of the house of representatives, and the president of the senate.
Last updated October 5, 2023 at 4:54 AM
Available Versions of this Section
- September 29, 2013 – House Bill 59 - 130th General Assembly [ View September 29, 2013 Version ]
- September 29, 2017 – Amended by House Bill 49 - 132nd General Assembly [ View September 29, 2017 Version ]
- April 20, 2022 – Amended by House Bill 440 - 134th General Assembly [ View April 20, 2022 Version ]
- October 3, 2023 – House Bill 33 - 135th General Assembly [ View October 3, 2023 Version ]
- April 30, 2024 – Amended by House Bill 101 - 135th General Assembly [ View April 30, 2024 Version ]