U.S. Department of Health and Human Services: Assets for Independence Demonstration ProgramDeadline: October 11, 2016
The Assets for Independence (AFI) program provides individual development accounts (IDAs) and related services to low-income individuals. Participants open an IDA and save earned income that is matched by project funds. Every dollar of earned income that an AFI project participant deposits into their IDA is matched (from $1 to $8 in combined federal and non-federal funds) by the AFI project.
The combined participant savings and project matching funds will be used for an allowable asset: a first home, a business, or post-secondary education or training. Projects also assist participants in obtaining the skills and information necessary to achieve economic self-sufficiency. Examples of activities in this area include financial education, asset-specific training, financial coaching, credit-building services, credit/debt counseling, and assistance with tax credits and tax preparation.
Amount: A total of $13,250,000 is available to fund up to 35 awards, ranging from $10,000-$1,000,000 and averaging $225,000. There is a 1:1 matching requirement.
Eligibility: Nonprofit entities with 501(c)(3) status; state or local government agencies, or tribal governments, applying jointly with a nonprofit with 501(c)(3) status; financial institutions that are federally certified as either a low-income credit Union or a Community Development Financial Institution and that demonstrate a collaborative relationship with a local community-based organization.