Funding Available to Local Governments to Support Asset Building for Low-Income Residents
Applications for funding are now being accepted by the federal Assets for Independence (AFI) program to implement asset building projects that serve low-income individuals and their families. State and local government agencies are eligible to apply for AFI funding, along with 501(c) nonprofits and other types of organizations. For more details, view the AFI Funding Opportunity Announcement.
AFI grantees enroll participants to save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar that a participant deposits into an AFI IDA is matched (from $1 to $8 in combined federal and non-federal funds) by the AFI project, promoting savings and enabling participants to acquire a lasting asset. For example, a participant might save $2,000 and receive $4,000 in match, allowing her to contribute $6,000 to the costs of acquiring a first home.
Example: Kim's Individual Development Account
The next application due date is June 15, 2015, and additional deadlines have been announced for FFY2016 and 2017. Awards are up to $1 million and have a 5-year project period. A 1:1 non-federal cost share is required.
The AFI program is operated by the Office of Community Services in the U.S. Department of Health and Human Services’ Administration for Children and Families. If you are interested in learning more about AFI and IDAs, visit the AFI Resource Center.
Have questions that weren’t answered on our website? Call 1-866-778-6037 or email email@example.com. And finally, don’t forget to visit the AFI Resource Center’s Calendar of Events to register for an upcoming webinar.