IDA sites provide case management, financial education, and asset specific training to participants, as well as the match money. 50% of the match comes from the federal government through Health and Human Services, and the other 50% comes from a non-federal source. As an IDA sub-grantee through the Ohio CDC Association, you receive federal funding to operate the IDA program, as well as technical support, training, and some administrative funds.
What is Assets for Independence?
Assets for Independence (AFI) is a discretionary demonstration five year grant through US Health and Human Services that allows community-based and government agencies to provide program services that enable low to moderate income individuals to develop savings habits for a specific asset purchase. For every dollar the participant saves in an Individual Development Account (IDA), the funded organization will provide a match (from $1 to $8). The match is a combination of funds raised from federal and private funding sources. Allowable asset purchases are the acquisition of a first home, financing for micro-business or tuition assistance for post-secondary education or training. AFI projects must offer financial education and asset-specific training based on the proposed asset purchase to the participant. Other supportive services must include credit counseling and repair, case management and assistance in filing for the Earned Income Tax Credit and the Child Tax Credit.
