COLUMBUS – State Rep. Craig S. Riedel (R-Defiance) and the Ohio House passed legislation that supports Ohio families wishing to adopt by creating the Adoption Linked Deposit Program. The program provides reduced interest loans for adoption-related costs.
According to the Department of Job and Family Services, adoptions in Ohio can cost anywhere from $10,000 to $50,000.
“The adoption process is very special to me as my mother was adopted,” said Riedel. “The focus should be on family and this legislation helps remove the financial barriers for families to adopt children, which is especially important during this time of economic hardship.”
The Adoption Linked Deposit Program provides reduced interest loans up to $50,000 and can also serve as a line of credit for a five-year term with the opportunity to extend for an additional five years. The program is implemented through the Treasurer of State and available for individuals at qualifying financial institutions.
Many lending institutions and adoption organizations acknowledged their support of H.B. 405, sponsored by State Rep. John Cross (R-Kenton) including Nationwide, Choosing Hope Adoptions, Ohio Children’s Alliance, Ohio Credit Union League, Ohio Bankers League, and the Public Children Services Association of Ohio.
The legislation now heads to the Senate for consideration.