posted by admin on Feb 3

HHS Assets for Independence – Spring Cycle Grant applications due March 25 – $19 million estimated funding for 55-65 grant awards

“Most young people stumble through their lives learning financial literacy by trial and error” – Jumpstart Coalition

There is a lack of financial literacy in the US of A to determine it an urgency… a crisis and non-profits are desperately needed to step up and think about offering financial literacy type of programs. Here is your chance with the Health and Human Services Assets for Independence Program (AFI).

The financial literacy concept in the Assets for Independence program provides five-year grants to nonprofit organizations — including faith-based organizations — and government agencies. The financial literacy programs should “empower low-income families to become economically self-sufficient for the long-term”.

AFI grantees provide financial education training on money management issues, and assist participants to save earned income in special accounts that are matched, sometimes, four dollars to each one dollar and are called Individual Development Accounts (IDAs).

Participants use the IDAs to accumulate funds with the goal of acquiring a first home, post-secondary education, or starting up or expanding a small business.

The Federal Office of Community Services, within the U.S. Department of Health and Human Services, administers the program. The average grant award is about $350,000 for a five-year project, matching monies are required. Current AFI programs are found throughout the United States; however, there are not enough locations to address the financial literacy crisis.

Application here- A special guide to help community organizations prepare an application can also be found here.