93.602: Assets for Independence Demonstration Program

93.602

Inactive

Administration for Children and Families (ACF) [HHS]

Sept. 9, 2022

Sept. 9, 2022

No funds were appropriated for the Assets for Independence (AFI) program since federal fiscal year 2017, therefore, the Administration of Children and Families (ACF) will not be making new grant awards for the AFI program. The statutory purposes for the AFI program, as stated in Section 403 of the AFI Act, are to provide for the establishment of demonstration projects designed to determine: (1) the social, civic, psychological, and economic effects of providing to individuals and families with limited means an incentive to accumulate assets by saving a portion of their earned income; (2) the extent to which an asset-based policy that promotes saving for post-secondary education, homeownership, and microenterprise development may be used to enable individuals and families with limited means to increase their economic self-sufficiency; and (3) the extent to which an asset-based policy stabilizes and improves families and the community in which the families live.

M - Training

This program supports innovative projects administered by national, State-wide, regional and community-based organizations. Eligible applicants are: (1) Private nonprofit organizations that are tax exempt under Section 501(c)(3) of the Internal Revenue Code; (2) State or local governments or agencies or Tribal governments submitting applications jointly with a nonprofit with a 501(c)(3) status; (3) credit unions designated as low-income credit unions by the National Credit Union Administration; or an organization designated as a Community Development Financial Institution by the Secretary of the Treasury.

The Assets for Independence Act limits eligibility for participation in AFI-funded projects to individuals and families with the following characteristics: 1) Individuals who are members of households that are eligible to receive support under the Federal Temporary Assistance for Needy Families program; 2) Individuals whose adjusted gross household income is less than twice the Federal poverty line, taking into consideration the number of household members, and whose household net worth as of the end of the prior calendar year was less than $10,000; and 3) Individuals whose adjusted gross household income enables them to qualify for the Federal Earned Income Tax Credit, taking into consideration the number of household members, and whose household net worth as of the end of the prior calendar year was less than $10,000. When determining the net worth of the household, a household's assets shall not be considered to include the primary dwelling unit and one motor vehicle owned by a member of the household.

https://sam.gov/fal/58497822c434420f921dee123418dc64/view