Matched savings program creates path to financial independence
Americans working to achieve financial security will get much-needed assistance through Assets for Independence (AFI), a program funded by HHS’ Administration for Children and Families’ Office of Community Services.
ACF will award 45 grants totaling $12.6 million to community-based organizations that have designed programs to complement the efforts of individuals and families who have taken the initiative to save money.
“These organizations found innovative approaches to help families trying to work their way into the middle class,” said Acting Assistant Secretary for the Administration for Children and Families Mark Greenberg. “Assets for Independence grantees demonstrate that the American dream — owning a home, continuing one’s education or starting a small business — can still be a reality for some of our nation’s hardest-working individuals and families.”
AFI grants use existing individual and community assets to give individuals access to savings accounts called Individual Development Accounts (IDAs). Each dollar deposited into an IDA receives a match of $1 to $8 from federal and private sector resources. Individuals in the program also receive financial education to help in their path to become financially self-sufficient.
In addition to funding programs in 24 different states, AFI also works with the Administration for Native Americans to help increase awareness of and access to matched savings programs in Native American communities.
The AFI projects provide information and data for the ongoing research related to the impact and effectiveness of IDAs.
Visit the AFI website to get more information on the AFI program or to see the current list of grantees.