State Rep. Hambley Applauds Passage Of Bill To Create The D.O.L.L.A.R. Deed
HB 303 aims to keep homeowners in their home through partnerships with private lenders

State Representative Steve Hambley (R-Brunswick) applauds the passage of legislation creating the D.O.L.L.A.R. Deed (Deed Over, Lender Leaseback, Agreed Refinance), which was voted on during today’s Ohio House session.  House Bill 303 will provide homeowners the option to remain in their homes as a tenant instead of facing foreclosure.

The legislation creates a cost effective and efficient way of avoiding a foreclosure. Under HB 303, a homeowner and lender can enter into an agreement for the owner to remain in their home, avoiding the costs of foreclosure.  The homeowner would deed title back to the lender, and in return the lender will lease the property back to the homeowner in exchange for a right to refinance the original loan. This enables the owner to stay in their home, keep the children in the local schools, and maintain local government funding on properties at the highest risk of abandonment and blight. 

“I am proud to be a cosponsor on this important piece of legislation,” said Hambley. “This bill is an alternative to foreclosure that will help communities combat the abandoned property epidemic within Ohio by providing viable options to families and lenders facing an expensive legal process in which no one wins.”

Lenders are not required to offer the D.O.L.L.A.R. Deed under the bill. The Ohio Housing Finance Agency will assist in establishing the program.

House Bill 303 now goes to the Ohio Senate for further consideration.

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