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...

Grant Recipient

City

State

Award

Crawford-Sebastian Community Development Council, Inc.

Fort Smith

AR

$137,000.00

Arizona Board of Regents, University of Arizona

Tucson

AZ

$1,000,000.00

Juma Ventures

San Francisco

CA

$420,000.00

YWCA Delaware, Inc.

Wilmington

DE

$19,411.00

Indiana Housing and Community Development Authority

Indianapolis

IN

$1,000,000.00

The Family Conservancy

Kansas City

KS

$141,176.00

The MIDAS Collaborative, Inc.

Allston

MA

$403,400.00

Montana Credit Unions for Community Development

Helena

MT

$95,000.00

Alternatives Federal Credit Union

Ithaca

NY

$64,706.00

Community Action Agency of Oklahoma City & OK/CN Counties

Oklahoma City

OK

$70,000.00

Lakota Funds, Inc.

Kyle

SD

$42,353.00

Upper East Tennessee Human Development Agency, Inc.

Kingsport

TN

$100,000.00

Covenant Community Capital Corporation

Houston

TX

$300,000.00

Goodwill Industries of San Antonio

San Antonio

TX

$100,000.00

United Way of Abilene, Inc.

Abilene

TX

$200,000.00

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