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Assets for Independence Demonstration Program

  Catalog of Federal Domestic Assistance Number: 93.602
Link view program website
Sponsor Administration for Children and Families
Deadlines May 7, 2014
Contact

Program Office Contact
Gretchen Lehman
Phone: 866.778.6037
Email: info@IDAresources.org

Office of Grants Management Contact
Katrina Morgan
Phone: 800.281.9519
Email: ocsgrants@acf.hhs.gov

Purpose

Assets for Independence Demonstration Program grantees will provide supports and services to help individuals and families with low incomes become more economically self-sufficient. A key feature of each AFI project is that project participants are given access to special matched savings accounts called Individual Development Accounts (IDA).

Grantees will administer programs that allow participants to open an IDA and save earned income in the account regularly with the goal of accumulating savings to acquire an economic asset that will appreciate over time - specifically, to purchase a home, open or expand a business for self-employment, or attend higher education or training. Grantees also ensure that participants have access to financial literacy education and coaching such as training on money management and consumer issues.

Eligibility

Entities eligible to apply include:

  • Nonprofit organizations with a 501(c)(3) status
  • State, local, and tribal government agencies
  • Financial institutions that are credit unions designated as a low-income credit unions or entities designated as community development financial institutions
Geographic
coverage
Nationwide
Amount of
funding

Expected Number of Awards: 50
Estimated Total Program Funding: $12,500,000
Award Ceiling: $1,000,000
Award Floor: $10,000

Grant recipients must finance the projects with a combination of the federal AFI grant and non-federal cash. The non-federal cash amount must be at least equal to the federal AFI grant amount.

Application
process

Links to the full announcement and program guidance are available through grants.gov

Tagged as Job training and adult education, Personal finance



For complete information about funding programs, including your application status, please contact funders directly. Summaries are provided for your convenience only. RAC does not take part in application processes or monitor application status.

Related Content

Organization:
Administration for Children and Families, view details

Phone: 1-800-270-1898
Email: info@raconline.org

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Funding for this project was supported by Grant Number U56RH05539 from the Office of Rural Health Policy, Health Resources and Services Administration, U.S. Department of Health and Human Services. The contents of this website are solely the responsibility of the authors and do not necessarily represent the official views of the funder.