COLUMBUS, Ohio — Ohio Treasurer Robert Sprague has proposed a new initiative aimed at easing financial burden of adoption.
It's called "Family Forward." The bill, introduced by State Representative Jon Cross (R-Kenton) would allow families working to adopt to get a reduced interest loan to help with expenses.
Sprague said he's heard from families who need financial help finalizing adoptions, which could cost upwards of $50,000. He said lower interest loans, supported by the Treasurer's Office could help.
"We do have state and federal tax credits that you're eligible for, but you need a bridge to get there. So, one of the things that we'd like to do in the Treasurer's Office is put the people's balance sheet to work for the people," Sprague said.
The legislation has been assigned to a committee, but there is no word on when lawmakers may schedule a hearing for the bill.
The Treasurer's Office reported that, in Ohio, the rate of children entering foster care sits at a historic high. According to the Public Children Services Association of Ohio, as many as 19,000 children could be in the state’s foster care system by next year.