State Rep. Reggie Stoltzfus (R-Paris Twp.) joined his House colleagues today in passing House Bill 405, the Family Forward Act, which creates the Adoption Linked Deposit Program to help remove financial barriers for families wanting to adopt. Stoltzfus is a co-sponsor of the legislation.
“Anyway the Ohio House can help and promote adoption is a win for Ohioans,” said Stoltzfus. “Strong families equal a strong Ohio, and this bill helps create strong families.”
According to the Department of Job and Family Services website, adoptions in Ohio can cost anywhere from $10,000 to $50,000.
To ease these financial burdens, under the legislation, the process will work similarly to existing linked deposit programs in the state. Families apply for the loan through their local lending institution, if approved, the Treasurer’s office will deposit funds with the lending institution at a below market rate. Additionally, the institution then passes the interest savings onto the borrowers with a reduced interest rate. This gives Ohio families a reduced interest rate loan for these adoption costs.
The loans are available 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.
Many lending institutions and adoption organizations acknowledged their support of the legislation including Nationwide, Choosing Hope Adoptions, Ohio Children’s Alliance, Ohio Credit Union League, Ohio Bankers League, Adoption Network Cleveland, and the Public Children Services Association of Ohio.
The legislation now heads to the Senate for consideration.