Assets for Independence
AFI

April 16, 2010

Assets for Independence (AFI) provide five-year grants to organizations and agencies that enable low-income individuals and families to achieve economic self-sufficiency by accumulating economic assets. Grantees provide financial literacy training to participants and help them save earned income in special matched bank accounts called Individual Development Accounts (IDAs). IDAs enable low-income and low-wealth families to accumulate savings for long-term assets such as a home, a business, or higher education and training. Eligible grantees include community-based nonprofits and State, local and Tribal government agencies and others, such as community development financial institutions and credit unions. A total of $18 million is available to fund 50 – 60 awards. Applications must be received by 4:30 p.m. EST on March 15, June 15, and November 1 annually.

 

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