OH SB118

Creates the Home Ownership Potential Energized (HOPE) tax credit program for sellers who construct new single-family homes or renovate rental properties and sell them to owner-occupants in eligible areas

Credit equals the lesser of $50,000 or 50% of renovation/construction costs, is nonrefundable against Ohio income tax, and can be carried forward for five years

Limits eligible areas to municipal corporations where more than 50% of housing units are renter-occupied according to U.S. Census data

Caps total tax credits issued at $100 million per fiscal year, with applications processed in the order received by the Department of Development

Credits are transferable to other taxpayers, and municipal corporations may opt out specific areas by ordinance with at least 60 days notice