What is the Assets for Independence Demonstration Program?
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
Related Questions
- Our school will be choosing a Comprehensive School Reform Demonstration program. Does the National Network of Partnership Schools qualify as a comprehensive school reform model?
- How do I apply for the Assets for Independence (AFI) Program grant?
- What is the Welfare to Work voucher demonstration program?
