The U.S. Department of Health and Human Services’ AFI Demonstration Program funds organizations that provide Individual Development Accounts (IDAs) to low income families and organizations. Participants will use the IDAs to save earned income and purchase an economic asset that will appreciate over time. Participants will also receive financial education and coaching, as well as guidance on issues such as family budgeting, using mainstream financial products and debt/credit counseling. The goal of the demonstration is to develop knowledge about the extent to which this approach enables individuals and families with low incomes to become and remain more financially stable over the long term. Grantees will receive extensive training from AFI on how to run an effective IDA program.
Grants will not exceed $1 million over five years. The award floor is $5,000 and the average award is $350,000. Grant recipients must match their grant amount with money from non-federal sources. Application deadlines for fiscal year 2013 are March 25 and May 24, 2013. For more information, see the link below: