(Ohio) – A proposed law in Ohio would offer low-interest loans for families seeking adoption.
Loans through the proposed ‘Family Forward’ initiative would cover up to $50,000 of qualifying expenses. That would cover the costs of areas such as the adoption agency expenses, birth mother expenses, and legal fees.
The average adoption runs in the tens of thousands of dollars because of complicated ethical, medical, and legal requirements throughout the adoption process.
Existing adoption loans carry a 4.5% interest rate for prime candidate borrows. The new proposed program could lower the rate to anywhere between 1-3%.
The bill has 17 co-sponsors, all Republican.