Staff updated the status of the Assets for Independence (AFI) program as of the end of the program's 6th and 7th years. AFI enables community-based nonprofits and government agencies assist low-income individuals and families with the information and resources necessary to achieve economic self-sufficiency by accumulating assets. The community-based AFI projects provide financial management education as well as other supportive services aiding low-income participants the opportunity to save earned income in matched-fund savings accounts called individual development accounts (IDAs), for the expressed purposes to acquire such appreciating economic assets as a first home, a small business, or enrollment in post-secondary education. The report, developed by the Office of Community Services based on information provided by AFI program grantees, is descriptive in nature; it does not present recommendations.
As of the end of the program’s seventh year, the Administration for Children and Families was supporting more than 368 AFI projects across the nation; nearly 44,000 people had opened IDA through the program; more than $38,800,000 had been deposited into the IDAs, and more than 13,000 participants had used their IDA savings and matching funds to purchase an appreciating economic asset.
Report Title: Assets for Independence Program: Status at the Conclusion of the Seventh Year http://www.acf.hhs.gov/programs/ocs/afi/seventh_interim_report.pdf
Report Title: Assets for Independence Program: Status at the Conclusion of the Sixth Year; Report may be obtained from Federal Contact
Agency Sponsor: ACF-OCS, Office of Community Services
Federal Contact: Jim Gatz, 202.401-5284
Performer: Office of Community Services, (OCS), ACF; Washington, DC
PIC ID: 8629, 8868