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DD awarded grant for purchase of AT devices
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Posted on Dec 08 2005
In August 2003, the CNMI Council on Developmental Disabilities applied for federal financial assistance under Title III, under the Assistive Technology Act of 1998, known as the Alternative Financing Mechanism Program. On September 2003, CDD was granted an approved funding to start the AFP program.
The council will be implementing the loan program, known locally as the “Trankilu” Alternative Financing Program, starting this Dec. 12, 2005. Bank of Saipan, was selected to underwrite all loans under the program.
The AFP program is designed to allow individuals with disabilities and their family members, guardians, advocates and authorized representatives to purchase Assistive Technology devices or services.
The program will offer qualified individuals with disabilities affordable loans to purchase assistive technology, adapted vehicles and or home modifications.
Assistive Technology is any device, equipment or item to help maintain, increase or improve the independence, or functional capabilities of an individual with disability. It includes wheelchairs, motorized scooters, Braille equipments, scanners, hearing and vision aid, text telephone (TTY), augmentative communication system, building modification for accessibility, motor vehicles, vehicle modification, and many other devices. Loans may be used to pay for training to use equipment, insurance, extended warrantees, and maintenance plans.
Any CNMI resident with disability, which intends to use the loan to purchase Assistive Technology, may apply at Bank of Saipan, at all its designated branch offices on Saipan, Tinian, and Rota.
Applicant must meet minimum income and credit worthiness requirements. The loan amount may be requested is between $ 200 to $ 3,000, and the interest rate is at a fixed rate of 9 percent. Repayment terms are based on the expected life of the AT device. Example, loans for computers and related devices must be repaid in two years, while loans for home modification may be repaid in seven years. Loans for new vehicles may be repaid in seven years, while loans for used vehicles must be repaid in five years. Typically, most other types of AT may be repaid in four to five years. (PR)
