Federal Grants to Encourage Saving and Promote Economic Security Among Nation’s Working Families

The Administration for Children and Families’ Assets for Independence (AFI) program recently issued $7.1 million in federal grants to 30 organizations. 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 AFI.