A new set of grants announced today by HHS’ Administration for Children and Families (ACF) will give Americans greater support in their efforts to save money.
The Assets for Independence (AFI) program, funded by ACF’s Office of Community Services (OCS), will award 44 grants totaling close to $10 million to community-based programs that help individuals and families build long-term savings.
In addition to funding programs in 48 states and the District of Columbia, 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.
- 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 public and private sector resources.
- Individuals in the program also receive financial education to help in their path to become financially self-sufficient.
“AFI is an important platform for bringing financial capability, credit and debt counseling, access to federal tax credits and other asset-building tools to working families across the nation.”— Mark Greenberg, Acting Assistant Secretary for the Administration for Children and Families
Administration for Children & Families
Office of Communications
330 C Street, S.W.
Washington, D.C. 20201
Phone: (202) 401-9215
Fax: (202) 205-9688