Adoption is one of the most amazing ways to grow your family. You’re welcoming someone else’s biological child into your home and raising him or her as your own. It takes a special kind of person to do that and we love helping these people fulfill their dreams of making a family. While it may be a dream of many people out there, one thing that continuously interferes is the cost of adopting. While private adoption is not a cheap process, there are many different options for adoption assistance for prospective families.
You don’t need to be wealthy in order to adopt. That is in no way a prerequisite to adopting or being a great parent. Here are some of the adoption financial assistance programs that are available to you and how to take advantage of them!
The Adoption Credit and Adoption Assistance Programs from the Internal Revenue Services provide tax benefits for adoption expenses paid to adopt a child. For 2016, the maximum amount was $13,460 per child.
There are, of course, restrictions and qualifications that must be met in order to qualify for this tax credit. Please review your options and eligibility carefully.
The Tinina Q. CADE Foundation provides two separate grants of up to $10,000, but one of them can specifically be used for adoption.
The Family Building Grant is an annual award to assist with the costs of infertility treatment or domestic adoption.
The Savannah Grant is exclusively for Shady Grove fertility patients and does not cover adoption.
The Gift of Adoption Fund is available to any US citizens that have an approved home study. In Colorado, you’ll need a letter from the agency that completed the home study (since the home study documents are legally not allowed to be shared with third parties). You’ll need to demonstrate financial need, perseverance, and imminence of the adoption. Grants are awarded quarterly and can range from $1,000 to $7,500.
Help Us Adopt is a grant program that helps US couples and individuals adopt regardless of demographics. Grants are available for up to $15,000. A completed home study is required to apply and other eligibility requirements must be met. Grants will be awarded in February, June, and October for 2018.
Resources 4 Adoption helps you build an adoption finance toolkit. They don’t provide grants, loans, or sponsorships, but they do sell access to an adoption grant and loan database for three, six, or 12 months.
Show Hope provides grants to families with a financial need and integrity in filling out their application. A successful home study is required to be eligible for a grant. Deadlines for eligibility are February 28th, April 30th, June 30th, August 31st, October 31st, and December 31st. The application process takes about 90 days and you must be working with a 501(c)3 nonprofit adoption agency.
These are just some of the options available to adoptive families in need of financial adoption assistance. These are all non-denominational resources. There are plenty of additional options available to specific religious sects and to specific segments of the population.
Additional options include loans and adoption crowdfunding, which has become extremely popular recently.
Ready to begin the process? If you’re hoping to adopt, learn more about home study, matching, post-placement, and start your application today! The sooner you start, the sooner you’ll be placed!