Mr. Chairman, I have an amendment at the desk. Mr. Chair, I yield myself such time as I may consume. This amendment would increase the amount of funds dedicated to financial and technical assistance for the people with disabilities through…
Mr. Chairman, I have an amendment at the desk.
Mr. Chair, I yield myself such time as I may consume.
This amendment would increase the amount of funds dedicated to financial and technical assistance for the people with disabilities through community development financial institutions, or CDFIs.
People with disabilities and their families face a range of financial challenges that often go unappreciated. In particular, they encounter barriers, accessing traditional financial services, accumulating wealth, and obtaining financing to buy a home, pay for an education, start a business, or buy an accessible vehicle.
Just this morning, I met with my friend and constituent Peter and his family. Peter has a disability and has all kinds of important aspirations for himself.
People with disabilities also face obstacles participating in the workforce. On average, they earn less than those without disabilities. At the same time, people with disabilities face higher debt-to-income ratios and greater expenses, and they are more likely to be unbanked or underbanked.
The institutions that serve people with disabilities face similar challenges, including barriers to the capital they need to build and renovate affordable housing, community facilities, and work spaces. The consequences are direct and dire.
According to the National Disability Institute, roughly one in three Americans with a disability lives in poverty, more than twice the average rate. And because many people with disabilities depend on government benefits, they are often unable to save or accumulate assets.
This situation should trouble us all.
Thankfully, we have institutions that are well positioned to address these challenges. CDFIs serve low-income populations, including people with disabilities by providing access to affordable financial products and services. CDFIs are certified by the Department of the Treasury, and they have an impressive record of success.
Increasing the amount of funds dedicated to financial and technical assistance for people with disabilities that CDFIs can be awarded would enable them to more effectively address housing, transportation, education, and the rest. Crucially, that includes low-interest loans that enable individuals with disabilities to meet their own specific needs.
To be specific, the need for this funding is great. According to the National Disability Coalition, 33 CDFIs requested more than $15 million in the inaugural round of applications, that is for fiscal years 2017 and 2018. In that 2-year round, more than $5 million was awarded. My amendment would increase the total funds dedicated to these awards to $6 million, annually, up from the current $3 million.
We know these programs work. In my home State of Pennsylvania, the Pennsylvania Assistive Technology Foundation has helped 310 Pennsylvanians with disabilities purchase assistive technology, including hearing aids, tablets, vehicles, roll-in showers, and much more.
Through access to capital, individuals with disabilities are able to make purchases that concretely change their lives. For many, CDFIs are the only way to obtain a loan, a loan that will
allow them to live their life the way they choose. That is why we should be striving for a more inclusive financial system that helps everyone flourish, one that works for the benefit of all.
In closing, I ask for this important, small increase that will make big differences in the lives of not only people in my State, but across the country.
Mr. Chair, I urge all Members to support this amendment, and I yield back the balance of my time.
Mr. Chair, I demand a recorded vote.