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Funding Opportunity: Assets for Independence Program

April 30, 2015 Print ShareThis

Assets for Independence (AFI) is a federal program administered by the Department of Health and Human Services (HHS), Office of Community Services (OCS), which enables eligible organizations to implement and demonstrate an assets-based approach for supporting low-income individuals and their families. AFI grantees enroll participants to save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar of earned income that a participant deposits into an AFI IDA is matched (from $1 to $8 in combined federal and non-federal funds) by the AFI project, promoting savings and enabling participants to acquire a lasting asset.

AFI participants use their IDAs and matching funds for one of three allowable assets:

  • Purchase a first home
  • Capitalize a business
  • Fund post-secondary education or training 

AFI is authorized to award grants to the following categories of entities:

  • Non-profit organizations with 501(c)(3) status
  • State, local, and tribal government agencies applying jointly with a 501(c)(3) non-profit
  • Financial institutions that are federally certified as either a Low-Income Credit Union or a Community Development Financial Institution and that demonstrate a collaborative relationship with a local community-based organization whose activities are designed to address poverty in the community and the needs of community members for economic independence and stability

View the AFI Fact Sheet.

Learn about how to use AFI funds with Community Development Block Grant (CDBG) funds.

Tags: CDBG Entitlement CDBG HUD Administered CDBG Insular Areas CDBG State