Ohio Treasurer Robert Sprague is backing legislation to set up a low-interest loan program for families seeking to adopt children.
The Family Forward Act, sponsored by state Rep. Jon Cross, R-Kenton, would establish a program within the state treasurer’s office to offer below market rate loans for adoption expenses.
Loans would be made through banks or credit unions and the state treasury would deposit funds with those financial institutions to knock the interest rates down to 1% to 3% below the prime rate, Sprague said at a Statehouse press conference on Wednesday.
Families could borrow up to $50,000 for up to five years and extend the loan another five years if needed.
Adoption expenses range from $10,000 to $50,000 for families using private agencies and attorneys.
Adopting a child from the foster system is far less expensive, according to the Ohio Department of Job and Family Services. There are more than 19,000 children in the foster care system in Ohio.
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