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Are you looking for ways to fund your adoption? Here are some ideas! Please let us know if you have more ideas or suggestions that we can add to our list!
ASIA'S Adoption Credit
ASIA Special Credit: Families adopting a second (or more) child through ASIA or families adopting a Special Needs child through ASIA, will receive a $500 credit for that adoption. The credit will be reflected in the referral fee. If a family is adopting an additional child that also happens to be a Special Needs child, at this time only the one $500 credit applies.
Government Aid
$10,000 Tax Credit: This new $10,000 tax credit, called the Hope for Children Act, went into effect on January 1, 2002. All finalized adoptions, including International adoption, qualify for this tax credit in the year the adoptions are finalized. If your income is $150,000 or less, you will qualify to receive the entire tax credit. If your income is between $150,000 and $190,000 you may qualify for a partial tax credit. Please refer to the Hope for Children Act. website for more information. http://www.hopeforchildren.org/10k-tax-credit.htm
Corporations
Employer Contributions- Check with your Human Resources department to find out if your company offers benefits to defray some of the adoption costs. If it doesn't, click here to access Adoptive Families Instant Letter to launch your campaign to convince your employer to offer expense reimbursement and paid leave.
Loans and Other Resources
- Ava's Hope www.avashope.org
- Hadassah's Hope (Christian Foundation) www.hadassahshope.org
- Ibsen Adoption Network (WA State only) www.angelfire.com/home/ibsen
- Caroline's Promise (NC Chrisitian residents only) www.carolinespromise4u.org/adoptive.html
- China Care Foundation www.chinacare.org
- International I Care www.intlcare.org/helpingyou2.html
- A Child Waits www.achildwaits.org
- National Adoption Foundation Loan Program
Offers a private, unsecured credit line of up to $25,000 for families that qualify. Option of up to 84 months to repay loan amount. Please see NAFA website for details.
www.nafadopt.org/fund-your-adoption/fund-your-adoption.shtml
- Gift of Adoption Fund
www.giftofadotion.org
- The Orphan Foundation
www.theorphanfoundation.org/adoption.htm
- Home Equity or Refinancing of Home
with "The Orphans Helping Hands Program". Richard Allen, an experienced Loan officer at Metrocities Mortgage, LLC will personally speak to any family considering this option. Please call him at 818-742-3636 or
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- Private Loans
You may be able to get a special loan through your own financial institution. Talk to your banker to find out.
- Retirement Borrowing
It may be possible to borrow from your retirement account and then repay yourself with interest. Check with your retirement plan to find out.
- Employer Paid Adoption Assistance
This option is also tax free, but this option begins to phase out once a family's annual income reaches or exceeds $150,000.
- Insurance
It may be possible to borrow from the cash value of your life insurance policy.
- Low Interest Loans
Some banks offer low interest loans for adoption, or credit lines for adoptive parents.
- National Adoption Foundation
They offer adoption grants and both home equity and unsecured low interest loans.
- Religious Organizations
Many church congregations may be happy to help raise money or organize fundraisers to help a church member cover adoption expenses.
- Relatives
Some of your extended family may be happy to have an opportunity to help with some of the adoption costs.
- Lifestyle Alterations
-Talk with your health insurance company to see if they offer maternity benefits for adoption.
-Refinance your house or car.
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