U.S. Department of Health and Human Services: Assets for Independence Demonstration Program
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: Awards may range from $10,000-$1,000,000 with the average award expected to be $225,000. There is a 1:1 matching requirement.
Eligibility: Non-profit entities with 501(c)(3) status; State or local government agencies, or tribal governments, applying jointly with a non-profit 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.
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