ACF Awards Over $3.9 million for Individual Development Account Projects

 

FOR IMMEDIATE RELEASE
Wednesday, April 4, 2012
Contact: Kenneth J. Wolfe
(202) 401-9215

 ACF awards over $3.9 million for Individual Development Account Projects
Grants support matched savings accounts that create a path to opportunity for working Americans

The Office of Community Services has awarded 18 Assets for Independence (AFI) grants totaling more than $3.9 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.  

“These special savings accounts give participants an opportunity to accumulate assets,” said George Sheldon, HHS acting assistant secretary for children and families. “This means they can reach milestones such as owning a home, a small business or going back to school. Those are some of the important goals we set in life, and AFI savings accounts provide a way for individuals and families to achieve them.”  

Grantees include community-based non-profits across the nation. These grantees will help participants save earned income in special-purpose, matched savings accounts called IDAs.  Every saved dollar deposited into an IDA by a participant is matched. The matching funds come from a combination of federal and private sector resources and the amount ranges from $1 to $8 for each $1 saved. The program enables participants to save to acquire assets such as a first home, a small business for self-employment, or post-secondary education or training.

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

Arizona Board of Regents for Arizona State University

Tempe

AZ

$250,000.00

Consumer Credit Counseling Service of Ventura County DBA Sur

Camarillo

CA

$25,000.00

Foothills United Way, Inc.

Lafayette

CO

$89,000.00

Housing Partnership Inc

Riviera Beach

FL

$50,000.00

Catholic Charities of the Archdiocese of Chicago

Chicago

IL

$35,000.00

Kentucky Domestic Violence Association, Inc.

Frankfort

KY

$218,200.00

Penquis Community Action Program Inc.

Bangor

ME

$50,000.00

Legal Services of Eastern Michigan

Flint

MI

$100,000.00

Montana Credit Unions for Community Development

Helena

MT

$180,000.00

Community Action of Nebraska, Inc.

Lincoln

NE

$37,500.00

Community Action Agency of Southern New Mexico

Las Cruces

NM

$50,000.00

Choctaw Nation of Oklahoma

Durant

OK

$400,000.00

Community and Shelter Assistance Corp. dba CASA of Oregon

Sherwood

OR

$500,000.00

Umpqua Community Development Corporation/DBA: NeighborWorks

Roseburg

OR

$250,000.00

PA Department of Community and Economic Development

Harrisburg

PA

$500,000.00

College Opportunity Resources for Education

Philadelphia

PA

$500,000.00

City of Austin

Austin

TX

$250,000.00

Boys & Girls Clubs of Greater Milwaukee

Milwaukee

WI

$500,000.00

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