COLUMBUS – State Rep. Jon Cross (R-Kenton) joined House colleagues today in unanimously passing House Bill 405, legislation that creates the Adoption Linked Deposit Program to help remove financial barriers for families wanting to adopt.
“COVID-19 has created economic uncertainty for family budgets,” said Cross. “Meanwhile, we have thousands of children who need a loving forever home. That’s why House Bill 405 is especially important during today’s historic times.”
According to the Department of Job and Family Services website, adoptions in Ohio can cost anywhere from $10,000 to $50,000.
The Adoption Linked Deposit Program provides reduced interest loans for adoption-related costs through the Treasurer of State. 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.
“The Family Forward proposal aims to chip away at the financial stressors families experience when navigating the adoption process,” said Ohio Treasurer Robert Sprague. “By working together and seeing this effort through, we can help more families take shape across Ohio. I commend and thank Rep. Cross for taking the lead on this bill, and I applaud members of the Ohio House for advancing this very important initiative.”
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, Ohio Right to Life, and the Public Children Services Association of Ohio.
“Adopting a child should be a celebration of life, love, and family, and this bill assists Ohioans in securing the funds needed to start the adoption process,” added Cross.
The legislation now heads to the Senate for consideration.