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FOR IMMEDIATE RELEASE:
Thursday, July 26, 2007
Contact: Tara Wall
(202) 401-9215
ACF Joins New York City Officials For Youth Grant Announcement
WASHINGTON , D.C. --- The U.S. Department of Health and Human Services’ (HHS) Administration for Children and Families (ACF) today joined New York City Mayor Michael Bloomberg, New York City Administration for Children’s Services (ACS) officials and foster care youth to announce a $176,470 grant for the City’s Youth Financial Empowerment Initiative.
The grant supports a request by the NY Administration for Children’s Services to target 150 Individual Development Accounts (IDAs) for foster youth aged 16 – 21. The IDAs encourage asset attainment for youth aging out of foster care.
“We’re excited to fund this important project through ACF’s Assets for Independence Program (AFI),” Acting Assistant Secretary for Children and Families Daniel Schneider said. “This effort demonstrates an assets-based approach to empowering low-income New York City youth in giving them a hand up out of poverty.”
The Office of Community Services (OCS), within ACF, is the federal agency that partners with states, communities and other agencies to provide a range of human and economic development services and activities to address the causes and characteristics of poverty and those in need.
“Through this Assets for Independence (AFI) award, some of New York’s most vulnerable young adults will be given the means to create a solid financial foundation upon which to build their lives. ACF is delighted to support New York’s innovative commitment to encourage youth to embrace a brighter future,” said Josephine Robinson, director of OCS.
Organizations administering AFI grants provide financial education and matched savings accounts, such as IDAs, to low-income individuals so they can save earned income with the goal of acquiring one of three financial assets: purchasing a first home, capitalizing a small business, or enrolling in postsecondary education or training.
This grant to the City’s Administration for Children’s Services is among 17 awards totaling $6.1 million announced this month, and is unique in its focus on youth aging out of the foster care system.
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Note: All ACF news releases, fact sheets and other materials are available at www.acf.hhs.gov/opa/index.html.