Over $1.8 Million Awarded for Individual Development Account Projects
FOR IMMEDIATE RELEASE:
Thursday, June 10, 2010
Contact: Kenneth J. Wolfe
‘Assets for Independence’ Grants to Support Matched Savings Accounts, Financial Literacy Education and Family Budgeting Training for Low-Income Individuals and Families
The Administration for Children and Families (ACF) at the U.S. Department of Health and Human Services (HHS) announced the awarding of 11 Assets for Independence grants totaling more than $1.8 million to community-based organizations and government agencies.
“Assets for Independence grantees demonstrate that the American dream can still be a reality for our nation’s poorest individuals and families,” said Carmen R. Nazario, HHS assistant secretary for children and families. “These special savings accounts target poverty at its root cause, and many of the participants develop saving strategies and receive the financial literacy education they need to accumulate wealth.”
These grantees will help participants save earned income in special-purpose, matched savings accounts called Individual Development Accounts (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. The matched amount ranges from $1 to $8 for each $1 saved. The program enables participants to accumulate savings to acquire any of three economic assets: 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 on impacts of IDAs.
Below are the new grants. For more information on the Assets for Independence program, visit: https://www.acf.hhs.gov/programs/ocs/programs/afi.
Catholic Charities Bureau, Inc.
Community Action of Southern Indiana, Inc.
Cook Inlet Lending Center, Inc.
Iberia Comprehensive Community Health Center, Inc.
Ozarks Area Community Action Corporation (OACAC)
Umpqua Community Development Corporation
United Way of Greater Kansas City
Wisconsin Women’s Business Initiative Corporation
Young Women’s Christian Association