Commonwealth of Virginia - Boards & Commissions - Assistive Technology Loan Fund Authority (f/k/a NewWell Fund)

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Assistive Technology Loan Fund Authority (f/k/a NewWell Fund)

Health and Human Resources

Purpose

The Fund shall be used to provide loans to individuals with disabilities within the Commonwealth for the purpose of acquiring assistive technology, other equipment, or other authorized purposes designed to help such individuals become more independent. The Fund shall also be used to buy down interest rates of lending institutions making such loans and provide a loan guarantee for loans made by lending institutions for such purposes. The Fund shall be used only when, in the discretion of the Board, loan applicants have met eligibility criteria and the release of money is deemed appropriate. The Fund shall be administered and managed by the Authority. The costs and expenses of maintaining, servicing and administering the Fund may be paid out of amounts in the Fund.

Term

Citizen members of the Board shall be appointed for four-year terms, except that appointments to fill vacancies shall be made for the unexpired terms. Representatives of state agencies shall serve coincident with the term of the Governor. No member appointed by the Governor shall be eligible to serve more than two complete terms in succession.

Composition

The Board shall consist of twelve members as follows: the Secretary of Health and Human Resources or his designee; an employee of the Wilson Workforce and Rehabilitation Center; an experienced consumer lender; a certified public accountant; two persons with investment finance experience; and six persons with a range of disabilities. The citizen members shall be appointed by the Governor and confirmed by the General Assembly.

Vacant Seats

End Date:6/30/2029

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