Over $6 million awarded to encourage saving and promote economic security among working families
Low-income families and individuals will have the opportunity to begin a savings plan and purchase a long-term economic asset using earned income and matching public and private sector funds.
Awarded by the Office of Community Services at HHS’ Administration for Children and Families, $6.5 million in federal funding was issued to 20 grantees through the Assets for Independence (AFI) program.
As a result of the AFI grant program, individuals and families with low-incomes can develop a savings plan through an Individual Development Account (IDA). AFI grantees will match each dollar deposited by a program participant at a rate ranging from $1 to $8 per dollar saved in the IDA. Program participants also receive supplemental services to enhance financial management skills to reach and maintain economic security goals.
“More low-income families will be able to save for the purchase of their first home, start or expand a small business or obtain post-secondary education or training as a result of this funding,” said Jeannie Chaffin, director of the Office of Community Services, Administration for Children and Families. “This asset building approach encourages personal investment that will go a long way in developing individual and family financial security.”
The AFI program has active grants in 48 states, the District of Columbia and Puerto Rico. The current list of grantees is available at: AFI FY16 Awards
For more information on the AFI program, please visit the AFI website.
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