HHS ACF Assets for Independence Demonstration Program FY2012 - Individual Development Accounts (IDAs) and related services

GRANT TITLE: HHS ACF Assets for Independence Demonstration Program FY2012
Type of Grant: Federal
Granting Agency: Administration for Children and Families (ACF)
Due Date: March 26, 2012, and May 25, 2012

Program Details: The Administration for Children and Families (ACF) is requesting applications for grants to administer projects for the national Assets for Independence (AFI) demonstration of the use and impact of Individual Development Accounts (IDAs) and related services.  Grantees will provide an array of supports and services to enable individuals and families with low incomes to become more economically self-sufficient for the long-term.  A primary feature of each AFI project is that project participants are given access to special matched savings accounts called Individual Development Accounts (IDA).  Participants open an IDA and save earned income in the account regularly with the goal of accumulating savings to acquire an economic asset that will appreciate over time — specifically, to purchase a home, capitalize or expand a business for self-employment, or attend higher education or training.  Grantees also ensure that participants have access to financial literacy education and coaching such as training on money management and consumer issues.
Grant recipients must finance the projects with a combination of the Federal AFI grant and non-Federal cash.  The non-Federal cash amount must be at least equal to the Federal AFI grant amount.
Award Period: The project period for AFI grants is 5 years (60 months). The budget period for AFI grants is also 5 years (60 months).
Award Amount: $1,000,000 Per Project Period
Eligible Agencies: AFI is authorized to award AFI grants to three categories of entities:
§  Non-profit organizations with 501(c)(3) status;
§  State, local and Tribal government agencies;
§  Financial institutions that are credit unions designated as a low-income credit unions or entities designated as community development financial institutions
Matching Requirements: Grant recipients are required to fund their projects with a combination of the Federal AFI grant and cash from one or more non-Federal source(s). The Federal AFI grant must comprise no more than 50 percent of the total project budget. The total budget for the project is the sum of the Federal AFI grant and cash funding provided by one or more other source(s). Therefore, for example, a grantee that receives $300,000 in Federal AFI grant funds must provide at least $300,000 in cash from one or more other source(s). The grantee may also provide in-kind support in addition to the required cash.
Link: http://www.acf.hhs.gov/grants/open/foa/view/HHS-2011-ACF-OCS-EI-0137
How to Apply: Hard copy submission or electronically via grants.gov