Frequently Asked Questions—Assets for Independence

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Frequently Asked Questions—Assets for Independence


Assets for Independence provides a list of questions and answer that are frequently asked by agencies and organizations. Grantees and the general public can benefit from these questions and answers when applying for Assets for Independence funding.

Frequently Asked Questions—Assets for Independence Question What is the Assets for Independence (AFI) Resource Center? Answer The AFI National Resource Center provides training and technical assistance to AFI Projects to help them succeed in their mission to help low-income people build assets. The Center is managed by the Office of Community Services (OCS), with contract support from leading organizations in the asset-building industry, including the Institute for Social and Economic Development, the Corporation for Enterprise Development, Faith to Finance, the United Way of America, Abt Associates, Inc., and Development Services Group, Inc. Question How can I locate an Assets for Independence (AFI) Project in my community? Answer To find an Assets for Independence (AFI) Project in your community, use the AFI Project locator on the Office of Community Services Asset-Building website: http://www.acf.hhs.gov/assetbuilding. Once you have identified a project near you, contact the program manager for that Project directly. Question How do I apply for the Assets for Independence (AFI) Program grant? Answer The Office of Community Services (OCS) typically announces the competition for new AFI Program grants in the spring of each year. Applications are usually due in early summer, and successful applicants are notified by late September. We strongly encourage applicants to start planning their AFI Program applications now! For information on how to apply, go to the “Apply for Funding” section on the OCS Asset-Building website: http://www.acf.hhs.gov/assetbuilding. Question Where can I find information about the national evaluation of the Assets for Independence Program? Answer Assets for Independence Program (AFI) is a demonstration program established to investigate new strategies for helping low-income families become economically self-sufficient. To better evaluate effective projects, the Office of Community Services (OCS) is financing a long-term national process and impact evaluation of the program. Each AFI Project provides annual information for the study, and the program evaluation team conducts intensive data collection and interviews at a small but representative number of projects. The evaluation also includes information about the impact of the program on a group of approximately 600 individual project participants. Abt Associates, Inc., a social science research firm based in Cambridge, Massachusetts, is working with OCS on the evaluation. To learn more, access the Asset Building website: http://www.acf.hhs.gov/assetbuilding. Question What is the Assets for Independence Demonstration Program Individual Development Accounts (IDAs)? Are there any programs to assist people in building savings? assets? obtaining post secondary education? home ownership? business capitalization? Answer The Assets for Independence Demonstration Individual Development Accounts Program is a matched, directed savings/investment program that funds projects to enroll lower-income working families and individuals who take financial literacy training and open Individual Development Accounts (IDAs). Their deposits from earned income are matched at an agreed upon ratio of from one to eight dollars for each participant dollar. The maximum federal contribution is $2,000 per individual account, with a $4,000 maximum per household. At account maturity, the IDA funds may be used for post-secondary education, purchasing a first home, or capitalizing a business. Eligible applicants for competitive five-year demonstration grants are not-for-profit 501(c)(3) tax exempt organizations; State and local government agencies and Tribal governments applying jointly with 501(c)(3) organizations; low income credit unions; and community development financial institutions. The office responsible for administering this program is: Office of Community Services Demonstration and Special Projects Division 370 L'Enfant Promenade, S.W. Washington, D.C. 20447 Telephone: 202-401-4807 Fax: 202-401-5538 Website: http://www.acf.dhhs.gov/programs/ocs/demo Question Who is eligible to participate in an Assets for Independence –supported Individual Development Account (IDA) program? Am I eligible? Answer Generally, Assets for Individual Programs serve individuals and families with limited income and assets wishing to establish Individual Development Accounts. Eligible clients include: Those who are eligible for Temporary Assistance for Needy Families (TANF) Those who are eligible for the Federal Earned Income Tax Credit (EITC) Those whose income is less than two times the Federal poverty line (approximately $37,000 for a family of four in 2004) Project participants may have no more than $10,000 in net asset wealth when they enroll in a Project (not counting one automobile and a home). If you are an individual interested in applying to participate in an AFI Project, you will need to contact the Project nearest you. You can find AFI Projects in your state through the AFI Project locator on the OCS Asset-Building website. Question What is the Assets for Independence Demonstration Program? Answer The Assets for Independence Demonstration Individual Development Accounts Program is a matched, directed savings/investment program that funds projects to enroll lower-income working families and individuals who take financial literacy training and open Individual Development Accounts (IDAs). Their deposits from earned income are matched at an agreed upon ratio of from one to eight dollars for each participant dollar. The maximum federal contribution is $2,000 per individual account, with a $4,000 maximum per household. At account maturity, the IDA funds may be used for post-secondary education, purchasing a first home, or capitalizing a business. Eligible applicants for competitive five-year demonstration grants are not-for-profit 501(c)(3) tax exempt organizations; State and local government agencies and Tribal governments applying jointly with 501(c)(3) organizations; low income credit unions; and community development financial institutions. The office responsible for administering this program is: Office of Community Services Demonstration and Special Projects Division 370 L'Enfant Promenade, S.W. Washington, D.C. 20447 Telephone: 202-401-4807 Fax: 202-401-5538 Website: http://www.acf.dhhs.gov/programs/ocs/demo

"Frequently Asked Questions—Assets for Independence." HHS/ACF. 2007. English.

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