ACF Awards Over $1.8 Million For Individual Development Account Projects

| | Comments (0) | TrackBacks (0)
State News Service
April 5, 2010

The following information was released by the Administration for Children and Families (ACF):

The Administration for Children and Families (ACF) at the U.S. Department of Health and Human Services (HHS) today announced nine Assets for Independence (AFI) program grants totaling $1.8 million to community-based organizations and government agencies.
The Assets for Independence program enables more working families to learn about family budgeting and accumulate savings in order to acquire economic assets that will appreciate over time, said Carmen R. Nazario, HHS assistant secretary for children and families.

Grantees include community-based non-profits and government agencies across the nation. These grantees will help participants save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar in savings deposited into an IDA by a participant is matched. The matching funds come from a combination of Federal and private sector resources and the matched amount ranges from $1 to $8 for each $1 saved. The program enables participants to accrue savings to achieve any of three objectives: a first home; a small business for self-employment; or enrolling in post-secondary education or training.

This program is demonstrating an innovative approach to helping low-income families gain the stability they need in order to escape the cycle of poverty permanently, said James Gatz, manager of the Assets for Independence program.

To better evaluate effective projects, the Office of Community Services (OCS) is financing a long-term national process and impact evaluation of the program. Each AFI project provides information and data for the ongoing research on impacts of IDAs.

Below are the new grants. For more information on the Assets for Independence program, visit: http://www.acf.hhs.gov/programs/ocs/afi/.

Juma Ventures San Francisco, CA $142,369

Oakland Livingston Human Service Agency Pontiac, MI $88,235

Community Action Agency Jackson, MI $88,235

El Paso Collaborative for Community and Economic Development El Paso, TX $30,000

Community Action of Nebraska, Inc. Lincoln, NE $172,500

Northwest Michigan Community Action Agency, Inc. Traverse City, MI $111,176

Inner City Christian Federation Grand Rapids, MI $138,941

Indiana Housing and Community Development Authority Indianapolis, IN $1,000,000

United Way for Southeastern Michigan Detroit, MI $88,235

0 TrackBacks

Listed below are links to blogs that reference this entry: ACF Awards Over $1.8 Million For Individual Development Account Projects.

TrackBack URL for this entry: http://blogs.cfed.org/cgi-sys/cgiwrap/cfed/managed-mt/mt-tb.cgi/1404

Leave a comment

About this Entry

This page contains a single entry by Ernest Roberts published on April 6, 2010 3:18 PM.

Act Now to Get Tax Credit for Home Purchase was the previous entry in this blog.

Business Sense: Igniting the spark of youth entrepreneurship is the next entry in this blog.

Find recent content on the main index or look in the archives to find all content.