To create or preserve opportunities for safe and
sanitary housing and to improve the economic welfare
of the people of the state, it is hereby determined to be
in the public interest and a proper public purpose for
the state to borrow money and issue bonds and other
obligations to make available financing, at reasonable
interest rates to consumers substantially reflecting savings
in the cost of money to lenders resulting from the
implementation of this section, for the acquisition,
construction, rehabilitation, remodeling, and improvement
of privately owned multiple-unit dwellings used
and occupied exclusively by persons sixty-two years
of age and older, and privately owned, owner occupied
single family housing by providing loans to, or
through the agency of, or originated by, or purchasing
loans from, persons regularly engaged in the business
of making or brokering residential mortgage loans,
all as determined by or pursuant to law. Laws may be
passed to carry into effect such purpose and to authorize
for such purpose the borrowing of money by, and
the issuance of bonds or other obligations of the state
and to authorize the making of such loans, which laws,
bonds, obligations, and loans shall not be subject to
the requirements, limitations, or prohibitions of any
other section of Article VIII, or Sections 6 and 11 of
Article XII, Ohio Constitution, provided that moneys
raised by taxation shall not be obligated or pledged
for the payment of bonds or other obligations issued
pursuant to laws enacted under this section.
The powers granted in this section shall be in addition
to and not in derogation of existing powers of the
state.
Any corporation organized under the laws of this state
may lend or contribute moneys to the state on such
terms as may be agreed upon in furtherance of laws
enacted pursuant to this section.
Structure Ohio constitution