The bill amends sections 322.02, 322.03, and 322.06 of the Revised Code to mandate that any increased county real estate and manufactured home conveyance fees be specifically allocated for county housing initiatives. The amendments include the insertion of language that allows counties to use the real property transfer tax not only for general revenue but also for funding housing initiatives. Additionally, the bill establishes a new requirement that any remaining balance after administrative costs and general fund allocations must be deposited into a newly created county housing fund, which will be used for various housing purposes such as low-income housing, first-time home buyer assistance, disability housing, and transition housing.

Furthermore, the bill modifies the allocation of funds collected from the real property transfer tax and manufactured home transfer tax. It introduces a formula for determining the amount to be deposited into the county general fund based on the tax rate, and it specifies that the remaining funds after administrative costs and general fund allocations will be directed to the county housing fund. The existing sections of the Revised Code that are being amended are also repealed, ensuring that the new provisions take precedence.

Statutes affected:
As Introduced: 322.02, 322.03, 322.06