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Assets for Independence Federal Grants for Individual Development Account Projects Office of Community Services Administration for Children and Families U.S. Department of Health and Human Services Basics for Applicants -- Overview Asset Building and Individual Development Accounts (IDAs)

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assets for independence federal grants for individual development account projects

Assets for IndependenceFederal Grants for Individual Development Account Projects

Office of Community ServicesAdministration for Children and FamiliesU.S. Department of Health and Human Services

basics for applicants overview
Basics for Applicants -- Overview
  • Asset Building and Individual Development Accounts (IDAs)
  • Assets for Independence Program
  • AFI Projects – Overview
  • Apply for AFI Funding in FY 2006

Asset Building

“Few people have ever spent their way out of poverty. Those who escape do so through saving and investing for the long-term.”

Michael Sherraden

Center for Social Development

economic assets matter
Economic Assets Matter
  • Stronger, Healthier Families
  • Enhanced Self-Esteem
  • Long-term Thinking and Planning
  • More Community Involvement
  • Hope for the Future
support for asset building
Support for Asset Building
  • Homeownership Support
  • Small Business Development
  • Education / Careers
  • Individual Development Accounts
individual development accounts idas
Individual Development Accounts (IDAs)
  • Matched restricted bank or credit union savings accounts for individuals and families with low incomes.
  • Enable clients / participants to save earned income on a regular basis, receive matching funds to grow the savings, and acquire an economic asset for the long term.
idas a hand up to self sufficiency
IDAs: A Hand-Up To Self-Sufficiency




to Assets


assets for independence program
Assets for Independence Program

Federal grant program that supports 5-Year AFI Projects that enable participants to ...

  • Learn about financial and consumer issues
  • Save in IDAs

In order to …

- acquire a first home

- access higher education or training and/or

- start or support a small business

afi projects
AFI Projects
  • 350+ projects throughout the nation
  • Multi-purpose non-profits that provide services for low-income families
  • Public / Private partnerships including State, local or Tribal governments
  • Multi-site networks
  • Financial institution partners
afi projects11
Community Action Agencies

Community Development Corporations

Community Development Financial Institutions

Credit Unions

Faith-Based Organizations

AFI Projects
  • Government Agencies
  • Housing Finance Agencies
  • State-Wide and Multi-State Associations
  • United Way Organizations
  • Workforce Development Agencies
  • Youth Agencies
afi clients participants
AFI Clients / Participants
  • 34,000+ IDA accounts and growing
  • 80% of participants are women
  • Many single parent households
  • 46% African American; 28% White; 16% Hispanic
  • IDA is first savings account for most participants
example kim
  • Kim needs a home
  • Housing program requires $6,000 for down payment and closing costs
  • Financial Education, debt counseling and information about home ownership
  • Match rate of $2 for every $1 saved in her IDA
  • Kim saves $2,000 – $55 per month over 3 years
kim s ida
Kim’s IDA



$2,000 Kim Saves



$2,000 Federal

$2,000 Non-Fed

$6000 for


example bill
  • Bill is looking to start a new business
  • He needs $5,000 in capital
  • Financial Education, debt counseling, training in operating a business, and a business plan
  • Match rate of $4 for every $1 saved in his IDA
  • Bill saves $1,000 – $42 per month over 2 years
bill s ida
Bill’s IDA



$1,000 Bill Saves



$2,000 Federal

$2,000 Non-Fed

$5000 for



key topics
Key Topics
  • Project Funding – Federal and Non-Federal
  • Project Reserve Account
  • IDA Matching Structure
  • Participant Eligibility Rules
  • Participant Savings Plan Agreement
project funding
Project Funding
  • Five Year project grants
  • Non-Federal cash equal to or greater than the Federal grant amount
project reserve account
Project Reserve Account

Federal Grant



insured financial institution




(Cash only)

Other Resources - $ and In-Kind

project reserve account uses
Project Reserve Account Uses
  • At least 85% to match IDA savings
  • Up to 13% for financial education and other activities
  • At least 2% for data collection
non federal funding examples
Non-Federal Funding – Examples
  • Financial institutions
  • Foundations
  • United Way organizations
  • Corporations / Employers
  • Faith-based organizations
  • State, local and Tribal governments
ida matching structure
IDA Matching Structure
  • IDA Savings Match Rates can range from

$1 match for $1 earned income saved to

$8 match for $1 earned income saved

  • Maximum Federal Contribution
    • $2000 per individual
    • $4000 per household
participant eligibility
Participant Eligibility
  • TANF eligible OR
  • EITC eligible or annual household income less than twice poverty (about $40,000 for family of four) and

Household net worth less than $10,000 excluding value of a residence and one car

  • Administrating agencies may apply additional eligibility rules
participant savings plan agreement
Participant Savings Plan Agreement
  • Amount to be saved / Schedule of deposits
  • Asset to be purchased
  • Match rate per $1 of earned income saved
  • Financial education / Financial literacy courses
  • Debt management counseling
  • Asset-specific training
  • Contingency plans
summary grantee activities
Summary – Grantee Activities
  • Create project reserve account
  • Recruitment / outreach / marketing to inform community about the program
  • Enroll participants and develop savings agreement
  • Provide financial education and other services
typical grantee activities cont d
Typical Grantee Activities – cont’d
  • Work with the client to open the IDA
  • Assist the client throughout the savings period
  • Allocate matching funds as the client saves
  • Provide asset-specific training and preparation
  • Assist with the asset purchase
  • Collect data and report to OCS

AFI Application Overview

  • Annual Review Cycles – November 1, March 15, June 15
  • Up to $1,000,000 (average $325,000)
  • $18,000,000 available in FY 2006
  • 50-60 funded projects
application review criteria
Application Review Criteria
  • Approach (50 pts.)
  • Organizational Profiles (17 pts.)
  • Results or Benefits Expected (10 pts.)
  • Objectives and Need for Assistance (10 pts.)
  • Budget (5 pts.)
  • Evaluation (5 pts.)
  • Summary (3 pts.)
review criteria details
Review Criteria – Details

Approach (50 pts.)

-Work Plan and Timeline (25 pts.)

- Tax Services (3 pts.)

- IDA Match Rate (5 pts.)

- Innovation (5 pts.)

- Partners / Collaborations (12 pts.)

review criteria
Review Criteria

Organizational Profiles (17 pts.)


- Experience

- Identify key staff

review criteria34
Review Criteria

Results Expected (10 pts.)

- Clear outcome and output statements

- For measuring progress

review criteria35
Review Criteria

Objectives /

Need for Assistance (10 pts.)

- Goal and Objectives Statements

- Needs for Assistance and Strengths

review criteria36
Review Criteria

Budget and Justification (5 pts.)

  • Clear
  • Reasonable
  • Realistic
  • Commitment of Non-federal cash contribution
review criteria37
Review Criteria

Evaluation(5 pts.)

- Electronic information collection

- Commitment to participate in the national AFI evaluation

- Providing timely data to OCS

review criteria38
Review Criteria

Project Summary (3 pts.)

- One-page summary

- Key features


Submission Requirements

  • Format

Up to 40 pages plus attachments

  • Forms

Standard Application form (SF-424)

Standard Budget form (SF-424A)

Standard Assurances form (SF-424B)


Submission Requirements

  • Forms (cont’d)

Certification regarding Lobbying

Disclosure of Lobbying Activities (SF-LLL)

Certification regarding Environmental Tobacco Smoke

  • Proof of Nonprofit Status
  • Proof of Designation as CDFI or Low-Income Designated Credit Union (if applicable)

Submission Requirements

  • Upcoming Due Date:

June 15, 2006 – 4: 30 p.m. EST


Submission Requirements

  • Paper format:

OCS Operations Center

Assets for Independence Program

1515 Wilson Blvd., Suite 100

Arlington, VA 22209

  • Electronic format:

information sources
Information Sources
  • AFI Resource Center (202) 401-4626
  • AFI Webpage
let s talk soon
Let’s Talk Soon

James Gatz

Manager, Assets for Independence Program

Office of Community Services

(202) 401-4626