Listen

Savings program for low-income families releases $9.8 million

October 6, 2015

Topics:

Community-based programs to create savings plans for low-income families were awarded over $9.8 million.

Designed to help purchase assets providing long-term economic benefits, the Assets for Independence (AFI) program announced 33 grants, administered by the Office of Community Services at HHS’ Administration for Children and Families, with a goal of economic self-sufficiency.

AFI grants enable low-income individuals and families to initiate a savings plan through Individual Development Accounts (IDAs) which combines earned income with funds matched by public and private sector resources.

Quick Facts

Each dollar deposited into an IDA is matched with AFI and grantee funds.
In addition to funding programs in 48 states and the District of Columbia, AFI also works with the Administration for Native Americans to help increase awareness of and access to matched savings programs in Native American communities.
The AFI grantee matches participants’ savings at a rate ranging from $1 to $8 per dollar saved in the IDA.
AFI program participants also receive financial education to help in meeting their goals to become financially self-sufficient.

Quotes

“The AFI program demonstrates the value of helping working families across the nation save.”
— Jeannie Chaffin, Director of the Office of Community Services, Administration for Children and Families.

“Since the program’s inception in 1998, program participants have saved over $100 million enabling low-income families and individuals to gain a foothold towards economic self-sufficiency with the purchase of long-term assets including a first home and post-secondary education and to start or secure a small business.”
— Jeannie Chaffin, Director of the Office of Community Services, Administration for Children and Families.

Additional Links

ACF Press Contact

Administration for Children & Families
Office of Communications
330 C Street, S.W.
Washington, D.C. 20201

Phone: (202) 401-9215
Fax: (202) 205-9688
Email: media@acf.hhs.gov

Syndicated Content Details:
Source URL: https://www.acf.hhs.gov/media/press/2015-savings-program-for-low-income-families-releases-98-million
Source Agency: Administration for Children and Families (ACF)
Captured Date: 2015-10-06 20:46:56.0