Three prominent financial experts—Theresa Lucotti-Bildik, a senior tax specialist with the Internal Revenue Service’s Disability Initiative; Victoria Funes, Associate State Director of AARP of South Florida; and Rachel Hynes, a loan officer with ACCION USA—led a workshop on asset building at the Bridges to Employment conference in Miami. The workshop focused on how Latinos with disabilities and their families can access available financial services and develop a stable credit history—something that is a challenge for this segment of the population, but is key in establishing sound financial health.

Statistics from the World Institute on Disability indicate that approximately 20% of the U.S. population have a disability. More than one-third of adults with disabilities, compared to 12% of those without disabilities, has a household income of $15,000 or less. In the face of these statistics, how can persons with disabilities become economically independent and self-reliant? Is it possible to build a stable financial future?

The answer is affirmative, but the road there is arduous and requires a strong will, discipline, and persistence.

Several agencies can guide and support those who want financial improvement. ACCION USA is a non-profit organization with offices in 13 countries that helps small business owners obtain loans up to $25,000. These loans would be very difficult to obtain through the regular banking system. ACCION USA also counsels clients on how to manage their credit.

Hynes emphasized that good credit does more than simply expand one’s ability to purchase goods and services. Those who are beginning to establish their credit history must learn and understanding terms, interest rates, monthly payments, and penalties. They should also periodically review their credit history by going to www.annualcreditreport.com.

The Internal Revenue Service’s Disability Initiative program works with non-profits and coalitions to reach out to low-income recipients, seniors over 60 years old, non-English speakers, and persons with disabilities who may qualify for exemptions, deductions or federal credit. There are 54 offices throughout the country working through local affiliates. Among the most popular of these federal programs is the Earned Income Tax Credit, which allows low income persons to pay less federal tax and may even provide reimbursement for medical and education costs.

Informative publications are available on various tax benefits and credits for persons with disabilities, parents of children with disabilities and employers of persons with disabilities. The most relevant of these are publications 501, 596, 525, 529, 524, 501, 502, and 503.

Although AARP specializes in serving seniors, they offer financial orientation for anyone age 45 or over, and their services are actually available for anyone who needs them, explained Funes. AARP's web page has a variety of topics ranging from financial planning to discrimination. By 2010, 1 out of every 3 employees will be over age 50, said Funes. AARP serves as a mediator between seniors and employers to accommodate seniors' needs with more flexible policies. In addition, AARP’s "Employment Services for Seniors" program offers training to low-income persons over age 55 and tries to place them in jobs in their communities. Through its extensive network of organizations, they have placed more than 1200 persons in Florida, 72% in permanent employment.

A special guest was Barry M. Shalinsky, director of the Advocacy Center (AC). AC's principal goal is for the community to understand that persons with disabilities have rights to make or influence the decisions that affect their lives. This center offers many services to the disability community such as legal defense, rights of families and financial assistance. If a person qualifies, financial assistance for medical bills or living expenses can be made available. For more information visit www.advocacycenter.org or call 1-866-875-1794, TDD 1-866-875-1837.

For more information:

ACCION USA, www.accionusa.org or 866-245-0783

Internal Revenue Service, www.irs.gov or 800-829-1040, TTY/TDD 800-829-4059

printer friendly format