Statement from Ohio Treasurer Robert Sprague (HB 405)
COLUMBUS – Ohio Treasurer Robert Sprague issued the following statement regarding the Senate’s passage of House Bill (HB) 405, which establishes the Family Forward linked deposit program:
“Too often, families shy away from adoption when faced with the skyrocketing costs associated with it. With the Senate’s passage of House Bill 405, we take a big step forward for Ohio’s families to alleviate some of that financial burden and help bring more children into loving homes. I thank Representative Cross, Senator Burke, and the Ohio General Assembly for their leadership and support of Family Forward.”
The Family Forward program created under HB 405 would provide financial relief to prospective parents through a linked deposit loan program administered by the Ohio Treasurer’s office. Under the legislation, individuals or families seeking to adopt may be eligible for reduced interest loans that can be used for qualified adoption expenses up to $50,000.
Qualified expenses include (but are not limited to) adoption agency expenses, court expenses and fees, expenses incurred on behalf of the birth mother, health and psychological examination fees, home studies, and travel expenses when necessary for prospective parents.
Robert Sprague became Ohio’s 49th Treasurer of State on January 14, 2019, bringing to the office his extensive experience working on financial matters in both the public and private sectors. Under Treasurer Sprague’s direction, the office manages the state’s $29 billion investment and $11 billion debt portfolios, collects and deposits all state revenues, and oversees custodial assets.