The proposed bill, known as the Mortgage Stability Act, aims to provide financial assistance to homeowners in Ohio by enacting section 175.50 of the Revised Code. This section defines a "homeowner" and establishes the "Save the Dream Ohio" program within the Ohio Housing Finance Agency, which will administer grants to homeowners for delinquent mortgage payments. The program will utilize up to ten million dollars in available funds and will not be subject to the income limits typically imposed by the agency.

To qualify for a grant, homeowners must have an adjusted gross income of no more than seventy-five thousand dollars and must have resided in their housing for at least five years. Homeowners can apply for multiple grants, but the total amount received in a calendar year cannot exceed three thousand dollars. The Ohio Housing Finance Agency is tasked with adopting necessary rules for the program's administration, including application procedures and criteria for determining disability status for applicants.