Assets for Independence Program
Deadline to Apply: June 25, 2010
Grant Announcement and Application Requirements
AFI Program Summary
PURPOSE
Assets for Independence (AFI) enables community-based nonprofits and government agencies to implement and demonstrate an assets-based approach for giving low-income families a hand up out of poverty. AFI projects 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 participants is matched (from $1 to $8 combined Federal and nonfederal funds) by the AFI project, promoting savings and enabling participants to acquire a lasting asset. AFI project families use their IDA savings, including the matching funds, to achieve any of three objectives: acquiring a first home; capitalizing a small business; or enrolling in postsecondary education or training.
Additionally, all AFI projects provide basic financial management training and supportive services, such as financial education on owning and managing a bank account or a credit card; credit counseling and repair; guidance in accessing refundable tax credits, including the Earned Income Tax Credit and the Child Tax Credit; and specialized training in owning particular assets for the long term.
TARGET POPULATION
Those eligible for Temporary Assistance for Needy Families (TANF), or those whose household assets do not exceed $10,000 in value (excluding a residence and one car) and who are either eligible for the Earned Income Tax Credit, or have total household income of less than two times the Federal poverty line.
ELIGIBLE APPLICANTS
• Nonprofit organizations, including faith-based and community groups
• State, local, and tribal government agencies applying jointly with a nonprofit
• Community development financial institutions that partner with a community-based antipoverty group
• Low-income credit unions that partner with a community-based antipoverty group
• Consortia of organizations and agencies that target multiple service areas
ADDITIONAL RESOURCES ON VIRTUAL CAP
• Advancing Assets, Opening Opportunities from the Assets Alliance
• Asset Building Strategies for Family Economic Security from the Institute for Social and Economic Development
• Financial Literacy Education Resources (Virtual CAP Resource Information)