Over $9.6 Million Awarded for Individual Development Account Projects
‘Assets for Independence’ Grants Support Innovative Self-Sufficiency Strategy for
Low-Income Families and Individuals

Thirty four Assets for Independence (AFI) program grants totaling $9,630,655 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 can be used as a stepping stone for low-income families to reach self-sufficiency and acquire long term goals such as homeownership, higher education and launching or supporting a business,” said Daniel C. Schneider, HHS acting assistant secretary for children and families.

AFI grants are administered by the Office of Community Services at ACF.  Non-profit organizations and state, local and tribal governments are eligible to receive five-year grants of up to $1,000,000.  Grant recipients assist participants with saving earned income in special-purpose accounts called Individual Development Accounts (IDAs).  Every dollar saved up to a certain amount is matched by the AFI project.  Currently, nearly 400 AFI projects are underway 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 plowing new ground by empowering low-income individuals to be active participants in our economic system.  Providing them with money management skills and access to matched savings accounts will enable them to make better decisions about their economic future,” said Josephine B. Robinson, director of ACF’s Office of Community Services.

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