Ohio House Passes Bill Offering Low Interest Loans For Adoption Expenses New
The Ohio House of Representatives recently passed a bill that supporters say helps remove financial barriers for families wishing to adopt.
According to Ohio Department of Employment and Family Services, adoption can cost anywhere from $ 10,000 to $ 50,000.
The bill, known as the Family Forward Act, creates the adoption deposit program. It allows families to apply for a loan through their local lending institution and, if approved, the Ohio Treasurer’s office will deposit funds with the lending institution at a rate lower than the rate. of the market. The lending institution would then pass the interest savings on to the borrowers with a reduced interest rate.
Representative Jamie Callender, of the Township of R-Concord, was a co-sponsor of the bill which is now referred to the Ohio Senate for further consideration.
“Often, financial barriers create substantial barriers for families wishing to adopt and I am proud to be part of a bill that will allow these families to spend more time bonding and less affording the family. process, ”Callender said in a statement.
The loans are available up to $ 50,000 and can also serve as a five-year line of credit with the option of extending them for an additional five years, according to Callender’s office.
the Ohio Children’s Utilities Association supported the adoption of the legislation. The agency said that in 2018, there were more than 16,000 young people in the state’s foster care system, of which more than 2,800 were awaiting adoption.
“Adoptions can be costly,” PCSAO said in a February statement testimony for the bill. “Although adopting the public child care system is less expensive than the costs associated with a private adoption, adoptive families at all levels face the expense of having a new child in. family. The PCSAO supports efforts to reduce financial barriers for all adoptions. “