Assets for Independence Resource Center

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www.idaresources.org/

Assets for Independence (AFI) enables community-based nonprofits and government agencies to implement and demonstrate an assets-based approach for giving low-income families a hand up out of poverty. AFI projects help participants save earned income in special-purpose, matched savings accounts called Individual Development Accounts (IDAs). Every dollar in savings deposited into an IDA by participants is matched (from $1 to $8 combined Federal and nonfederal funds) by the AFI project, promoting savings and enabling participants to acquire a lasting asset. AFI project families use their IDA savings, including the matching funds, to achieve any of three objectives: acquiring a first home; capitalizing a small business; or enrolling in postsecondary education or training.

Additionally, all AFI projects provide basic financial management training and supportive services, such as financial education on owning and managing a bank account or a credit card; credit counseling and repair; guidance in accessing refundable tax credits, including the Earned Income Tax Credit and the Child Tax Credit; and specialized training in owning particular assets for the long term.

AFI Resource Center

The AFI Resource Center provides resources to grantees and partners that include guidance, best practices, lessons learned, exercises, tips and more. Following is a highlight of some of these resources:

• Serving People with Disabilities – increase access for IDAs for people with disabilities www.idaresources.org/IDA_disabilities.php AFI grantees and their partner organizations report that some people with disabilities are having trouble accessing and using IDAs. Because they are disproportionately low-income, people with disabilities account for a large share of the AFI target population, but they are underrepresented among IDA participants.
• Innovative Projects and New Strategies – new approaches for asset building www.idaresources.org/IDA_innovation.php Many AFI grantees are experimenting with innovative approaches to enhance their projects and increase knowledge about implementation—approaches they can share with other grantees. Areas of innovation include developing IDA programs and services for youth; working with financial partners such as credit unions and housing agencies; and integrating IDA services into other programs for low-income people, such as Temporary Assistance to Needy Families and job training. This section includes documents on the latest and most promising IDA innovations.
• Earned Income Tax Credit (EITC) and Tax Assistance – increase access to EITC and connect tax refunds to asset building www.idaresources.org/IDA_taxcredit.php Marketing the EIC and other credits, and providing tax preparation assistance to low-income families, are important components of effective AFI programs. One way to address both needs is through outreach and community partnership. This section includes a list of links and materials to help organizations serve low-income IDA participants; increase outreach and marketing capacity; maximize the ability to recruit, train, and retain tax volunteers; and understand links to asset-building strategies.
• Financial Education – deliver effective financial education training www.idaresources.org/IDA_financial_literacy.php Financial education is an important part of every AFI project. Many participants say the financial education classes are among the most helpful aspects of AFI projects and saving money in IDAs. With strong financial education curricula, effective trainers, and steady follow-up with participants, AFI projects can profoundly affect the individuals and families they serve.

June 2010

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