Federal grants to encourage saving and promote economic security among nation’s working families

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May 16, 2016

The AFI program has active grants in 48 states, the District of Columbia and Puerto Rico to help low-income individuals and families become economically secure through savings and enhancing financial education skills.

Quick Facts

  • Families will be able to save for new home purchases, start or expand small businesses or receive post-secondary education or training as a result of $7.1 million in federal grants.
  • The AFI program provides grant funds to a wide range of eligible organizations to assist low-income individuals and families with building long-term savings through matched savings accounts called Individual Development Accounts (IDAs).
  • Every dollar of earned income AFI project participants deposit into their IDAs is matched (from $1 to $8 in combined federal and non-federal funds) by the AFI project.

Quotes

“This funding will help families who are saving for education, businesses and homes.”
— Mark Greenberg, Acting Assistant Secretary, Administration for Children and Families
“Local financial organizations will work with families to encourage them to save more and to make good financial decisions to build their assets.”
— Mark Greenberg, Acting Assistant Secretary, Administration for Children and Families

Contact

Administration for Children & Families
Office of Communications
330 C Street, S.W.
Washington, D.C. 20201

Phone: (202) 401-9215
Fax: (202) 205-9688
Email: media@acf.hhs.gov

Program Office:
ACF Main Site