Arkansas TransLease Program
Arkansas TransLease Program
A special innovative financing program initiated in 1996 to assist public and private nonprofit entities to aquire rolling stock. Arkansas TransLease is designed to provide interest free leasing of paratransit vehicles to those agencies and organizations who provide essential transportation access to health and human service programs. Eligible entities are those that meet eligibility requirements for other FTA programs.
In addition, vehicle leasing will also be considered for approved vanpool and communter services programs critical to employment opportunities.
Through this program, eligible entities may lease a paratransit vehicle for a monthy lease fee based upon the net cost of the vehicle and estimated useful life, usually 48 months. Upon satisfying the lease contract, the vehicle may be retained by the leasing entity. The type of vehicle available for lease is limited to those which may be purchased through state fleet contracts.
The vehicle is subject to the Public Transportation Fleet Safety Inspection Program.
A brief application is required to be submitted, and an entity must have the necessary long term fiscal viability to enter into a financial commitment.
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