The Federal Assets for Independence (AFI) Program is pleased to announce new application deadlines for 2011! AFI grant applications are due Thursday, March 31, 2011, and Wednesday, May 25, 2011.
Could your community benefit from a new approach to long-term poverty reduction and economic growth? The AFI Program is offering five-year grants for asset-building programs nationwide that provide low-income individuals and families with tools they need for long-term economic success.
Grantees provide training on money management issues and assist participants in saving earned income in Individual Development Accounts (IDAs). Each dollar of savings deposited into an IDA is matched with $1 to $8 of combined Federal and non-Federal funds. Participants then invest the IDA funds in life-changing assets such as acquiring a first home, obtaining postsecondary education, or starting or expanding a small business. Such assets have been linked with increased household stability, social involvement, and better outcomes for children.
Applicants can request grants of up to the $1,000,000 award ceiling; the average AFI project grant is $350,000. Applicants must secure non-Federal funds in an amount equal to or greater than their AFI project grant.
Applicants can be nonprofit organizations, including faith-based and community organizations; State, local, or Tribal government agencies; Community Development Financial Institutions; or Low Income Credit Unions.
We hope you will join us in putting asset-building into action in more locales throughout the nation. The AFI grant application process is simple, and the AFI Resource Center is available for guidance, tools, and advice on designing a program to meet your community’s needs.
For more information about applying, visit the AFI Resource Center. Request an application kit or request more information about the AFI program by emailing info or calling 1-866-778-6037.