FOR IMMEDIATE RELEASE
Wednesday, September 10, 2008
Contact: Kenneth J. Wolfe
(202) 401-9215

ACF Awards Over $3 Million for Individual Development Account Projects
‘Assets for Independence’ Grants Support Innovative Self-Sufficiency Strategy for Low-Income Families and Individuals

Fourteen Assets for Independence (AFI) program grants totaling $3,191,997 to fund financial education and provide economic support for low-income individuals and families across the nation were announced today by the Administration for Children & Families (ACF) at the U.S. Department of Health and Human Services (HHS).

“This program is demonstrating an innovative approach that enables low-income families to become economically self-sufficient by providing budgeting and money management training, as well as access to matched savings accounts,” said Daniel C. Schneider, HHS acting assistant secretary for children and families.

AFI is a federal grant program that provides five-year grants of up to $1,000,000 each to nonprofit organizations and state, local and tribal governments.  Grantees assist participants with saving earned income in special bank or credit union accounts called Individual Development Accounts (IDAs).  Every dollar saved by a participant is matched with grant funds.  Currently, nearly 400 AFI projects are under way across the country, and close to 60,000 families have saved earned income in IDAs supported by the AFI program.

“The Assets for Independence program is empowering families across the nation to take control of their financial well-being and become active participants in our economic system,” said James Gatz, manager of the Assets for Independence program.   

Below are the new grants.  For more information on the Assets for Independence program, visit: http://www.acf.hhs.gov/programs/ocs/afi/.

###

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