Summary of Services, Programs, and Initiatives Provided to Virginians with Disabilities

ASSISTIVE TECHNOLOGY LOAN FUND AUTHORITY (ATLFA)

1. Name of Service/Program/Initiative: Assistive technology loan fund
2. Service Description and Eligibility Requirements, If Any: The ATLFA makes low-interest loans with longer terms and lower monthly payments to eligible applicants. The ATLFA may also guarantee loans to people who are unable to qualify through the banking partner, SunTrust Bank. An applicant must be a resident of Virginia with a physical, mental or emotional disability. An applicant may also be a family member of a person with a disability.
   The applicant must use the proceeds of the loan in order to purchase assistive technology, including disability related home or vehicle modifications, or other authorized purposes. A qualifying borrower must also be able to repay the loan and meet the criteria established by the ATLFA for being creditworthy.
   Typically, a qualifying borrower must have a debt-to-income ratio of 50% or less and either have a good credit history, or have credit problems related to the disability. Individuals with long-term credit problems, regardless of the cause, typically will not be approved for a loan. There is no upper income limit for borrowers.
3. Service Preauthorization Required: Yes--Individuals must apply to the ATLFA and have their application approved by SunTrust Bank. The ATLFA may guarantee loans which are not approved by the bank. Individuals then may close the loan at a branch of SunTrust Bank.
4. Target Population/s: Virginians with disabilities
5. Method of Administration: State - Assistive Technology Loan Fund Authority
6. General Availability of the Service Across the Commonwealth (e.g., statewide, only available in certain localities): Statewide
7. Number of Persons Served Annually (Provide and indicate most recent year available): For federal fiscal year 2001:
   Total of ATLFA applications from October 1, 2000 through September 30, 2001:
   • Number Applications - 241
   • Number Applications Approved - 134
   • Value Applications Approved - $1,973,155
   • Number Applications Declined - 73
   • Value Declined - $ 716,554
   • Value Loans Approved- not accepted $251,402
   • Value Guaranteed Loans Approved- not accepted $181,747
8. Annual Service Cost/Allocation (Provide and indicate the most recent year available): For federal fiscal year 2001: Dollar value of loans approved by ATLFA and/or SunTrust Bank and closed by borrower: $1,046,450 - Median value of loans approved and closed this year: $15,000
   Administrative budget $160,000 (paid for by federal grant and Department of Rehabilitative Services
9. Other Information or Comments About the Service:
   
   FOR ADDITIONAL INFORMATION CONTACT:
   Michael Scione
   804-662-9993
   scionemw@drs.state.va.us

   

Tim Kaine	Marilyn B. Tavenner	Patrick O. Gottschalk	Pierce R. Homer	Dr. Thomas R. Morris
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