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Home > Credit Union Philosophy > MCUCD Recieves $180,000 AFI Grant

MCUCD Recieves $180,000 Grant

ACF awards over $3.9 million for Individual Development Account Projects Grants support matched savings accounts that create a path to opportunity for working Americans

The Office of Community Services has awarded 18 Assets for Independence (AFI) grants totaling more than $3.9 million to community-based organizations and government agencies under HHS’ Administration for Children and Families. Funded projects will provide low-income individuals and families with access to Individual Development Accounts (IDAs) as well as training on financial education.

“These special savings accounts give participants an opportunity to accumulate assets,” said George Sheldon, HHS acting assistant secretary for children and families. “This means they can reach milestones such as owning a home, a small business or going back to school. Those are some of the important goals we set in life, and AFI savings accounts provide a way for individuals and families to achieve them.”

Grantees include community-based non-profits across the nation. These grantees will help participants save earned income in special-purpose, matched savings accounts called IDAs. Every saved dollar deposited into an IDA by a participant is matched. The matching funds come from a combination of federal and private sector resources and the amount ranges from $1 to $8 for each $1 saved. The program enables participants to save to acquire assets such as a first home, a small business for self-employment, or post-secondary education or training.

The AFI program is demonstrating the effectiveness of IDAs and related services for helping individuals and families to become more financially secure. The projects provide information and data for the ongoing research related to the impacts of IDAs.

Below are the new grants.

 Grantee  City  Award
Arizona Board of Regents for AZ State U Tempe, AZ $250,000
CCCS of Ventura County DBA Sur Camarillo, CA $25,000
Foothills United Way, Inc. Lafayette, LA $89,000
Housing Partnership, Inc. Riviera Beach, FL $50,000
Catholic Charities - Chicago Archdiocese Chicago, IL $35,000
KY Domestic Violence Assn., Inc. Frankfort, KY $218,200
Penquis Community Action Program Inc. Bangor, ME $50,000
Legal Services of Eastern Michigan Flint, MI $100,000
MCUCD Helena, MT $180,000
Community Action of Nebraska, Inc. Lincoln, NE $37,500
Community Action Agency of Southern NM Las Cruces, NM $50,000
Choctaw Nation of Oklahoma Durant, OK $400,000
Community and Shelter Assistance Corp. dba CASA of OR Sherwood, OR $500,000
Umpqua Community Development Corp./dba: NeighborWorks Roseburg, OR $250,000
PA Dept of Community and Economic Development Harrisburg, PA $500,000
College Opportunity Resources for Education Philadelphia, PA $500,000
City of Austin Austin, TX $250,000
Boys & Girls Clubs of Greater Milwaukee Milwaukee, WI $500,000



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