ACF awards nearly $4.1 million for Individual Development Account Projects

FOR IMMEDIATE RELEASE
July 9, 2012
Contact: Kenneth J. Wolfe
(202) 401-9215

Matched savings accounts create path to opportunity for working Americans

The Office of Community Services is awarding 15 Assets for Independence (AFI) grants today totaling nearly $4.1 million to community-based organizations and government agencies under HHS’ Administration for Children and Families. Funded projects will provide low-income individuals and families with access to Individual Development Accounts (IDAs) as well as training on financial education. 

Federal and private sector resources combine to match every $1 a participant deposits into an IDA with $1 to $8 in matching funds.  The program enables participants to save for a first home, a small business for self-employment, or post-secondary education.

“Today, with the release of funds that help participants save and accumulate assets, we strengthen the economy— an economy built to last,” said George H. Sheldon, HHS acting assistant secretary for children and families. “These special savings accounts help people save to start up a small business, contributing to our economic recovery.  They also help Americans secure a fair shot at an affordable college education.”

The AFI program is demonstrating the effectiveness of IDAs and related services for helping individuals and families to become more financially secure.  The projects provide information and data for the ongoing research related to the impacts of IDAs.

Below are the new grants. For more information on the Assets for Independence program, visit: http://www.acf.hhs.gov/programs/ocs/programs/assets-for-indepe...

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Note: All ACF news releases, fact sheets and other materials are available at: http://www.acf.hhs.gov/news