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The TAFT Program |
In August of 2003, the CNMI Council on Developmental
Disabilities (CDD) applied for a federal financial assistance under the Title III, under
the Assistive Technology Act of 1998, known as the Alternative Financing Mechanism
Program. On September of 2003, CDD was granted an approved funding to start the
TAFP Program.
The loans under the program will be administered by the CNMI Association of Families
with Disabilities, a Community Base Organization (CBO) and underwritten by Bank
of Saipan. The loan program is available to qualified CNMI residents on Saipan,
Tinian, Rota and the Northern Islands. |
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General Information |
Who can Apply? Any CNMI Resident with
disability or a non-resident whose child with disability is a U.S. citizen, or family
members, advocates, employers or authorized representative designated by an individual
with disability, who intends to use the loan to purchase assistive technology to
be used by the individual or child with disability.
Where can I Apply? You may apply at any Bank of Saipan, branches on Saipan, Tinian
or Rota.
What is Assistive Technology (AT)? Is any device, equipment or item to help maintain,
increase, or improve the independence, or functional capabilities of an individual
with a disability. It includes: Wheelchairs, Motorized Scooters, Braille Equipment,
Scanners, Hearing and Vision Aids, Text Telephone (TTY), Augmentative Communication
System, Building Modification for Accesibility, Motor Vehicle and Vehicle Modification,
many other devices. (Loans may also be used to pay for training to use equipment,
insurance, extended warrantees, and maintenance plans).
How Much Can I Borrow? The loan amount you may request is between $200.00 and $20,000.00
(or any amount in between). Your payment ability will affect the approval of your
loan.
What is the Interest Rate? The interest rate is 12% APR.
How Much Time Will I Have to Pay Off a Loan? Repayment terms are based on the expected
life of the AT device. Example, loans for computers and related devices must be
repaid in 2.5 years, while loans for home modifications may be repaid in seven years.
Loans for new vehicles must be repaid in 7 years, while loans for used vehicles
must be repaid in 5 years. Most other types of AT, a 4 to 5 years repayment term
is typical. |
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Eligibility |
- Any CNMI Resident with disability or a non-resident
whose child with disability is a U.S. citizen, or family members, advocates, employers
or authorized representative designated by an individual with disability.
- Applicant must demonstrate that the loan proceeds will be used to purchase AT devices
or services to be used by the individual or child with disability.
- Applicant must meet minimum income and credit worthiness requirements.
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