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March, 2000
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March, 2000
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MD TAP would like share this annual report on the Loan Program as presented to to the Governor and General Assembly. Please contact MD TAP at 1-800-832-4827, 410-554-9230 (local Baltimore), or email: mdtap@clark.net for more information on the loan program.
ANNUAL REPORT TO GOVERNOR PARRIS N. GLENDENING AND THE MARYLAND GENERAL ASSEMBLY
on the
ASSISTIVE TECHNOLOGY GUARANTEED LOAN PROGRAM (CREATED THROUGH
HOUSE BILL 878)
OCTOBER, 1999 - FEBRUARY, 2000
The Assistive Technology Guaranteed Loan Program was created by House Bill 878, "Assistive Technology Guaranteed Loan Program and Fund" on October 1, 1999 to "provide assistance for the purchase of assistive technology equipment designed to enable individuals with disabilities to become more independent or more productive members of the community with an improved quality of life." (Article 41, Section 14-903). The program partners with lenders to provide loans for assistive technology to borrowers who are unable to qualify for traditional credit. Participating lenders issue loans while the program provides loan guarantees and interest subsidies to make loans accessible and affordable to people with disabilities and their families. The program is administered by the Maryland Technology Assistance Program (MD TAP) of the Office for Individuals with Disabilities through an eleven-member board of directors appointed by the Governor. MD TAP staffs the program and covers administrative costs through its own operating budget.
Approved Loans and Program Expenditures
As of December 31, 1999, the program had approved one loan guarantee and interest subsidy for a loan which had been denied by a traditional lender. The total approved expenditures from the fund for this loan were $5,727 ($5,000 for the loan guarantee, $727 for the interest subsidy). The loan will provide a motor vehicle to transport a woman with a physical disability. A second loan was approved without a loan guarantee or interest subsidy at no cost to the program. This loan will provide a computer to enable a man with disabilities to perform college coursework.
It should be noted that the program approved six (6) additional loan guarantees and interest subsidies at its January and February meetings. These loans will cost the program $60,662 ($58,000 for loan guarantees, $2,662 for interest subsidies). Two loans will provide adapted vans to transport persons with physical disabilities, one (1) will provide a motorized scooter, and three (3) will provide computers for users with disabilities to perform job and personal duties at home.
As of February 10, the program's approved expenditures from the loan fund have totalled $66,389.
Other Program Accomplishments
The Program has, in a very short time, established itself and begun approving loan guarantees and interest subsidies. It has completed the following tasks:
- Established written agreements and operational policies with two lenders to participate in the program: the State Employees Credit Union of Maryland, Inc. and Crestar Bank.
- Recommended the eight citizen members of the board to the Governor for his subsequent appointment
- Created the administrative structures - including policies and procedures, loan applications and fact sheets - necessary to run the program
- Distributed 2,500 surveys to potential customers. 260 returned the surveys expressing strong interest in the program; these individuals are expected to form the program's primary customer base.
- Convened four board meetings. During the final two meetings, the board reviewed and approved loan applications. The board meets monthly and is expected to approve at least several loan guarantees and interest subsidies each month.
The program is highly likely to expend all authorized funds ($500,000) in serving the 260 individuals who have returned surveys to date. The program receives several additional inquiries each week, and has not yet initiated any additional marketing efforts. In short, the demand for this program is likely to far exceed available resources.
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