Savings program for low-income families releases $9.8 million
Community-based programs to create savings plans for low-income families were awarded over $9.8 million.
Designed to help purchase assets providing long-term economic benefits, the Assets for Independence (AFI) program announced 33 grants, administered by the Office of Community Services at HHS’ Administration for Children and Families, with a goal of economic self-sufficiency.
AFI grants enable low-income individuals and families to initiate a savings plan through Individual Development Accounts (IDAs) which combines earned income with funds matched by public and private sector resources.
- Each dollar deposited into an Individual Development Accounts is matched with Assets for Independence and grantee funds.
- In addition to funding programs in 48 states and the District of Columbia, Assets for Independence also works with the Administration for Native Americans to help increase awareness of and access to matched savings programs in Native American communities.
- The Assets for Independence grantee matches participants’ savings at a rate ranging from $1 to $8 per dollar saved in the Individual Development Accounts.
- Assets for Independence program participants also receive financial education to help in meeting their goals to become financially self-sufficient.[…] Continue reading…