Performance Improvement 2009. What Is the Status of the Federal Assets for Independence Program?


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
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

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"PerformanceImprovement2009.pdf" (pdf, 1.26Mb)

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