Asset building is an approach to overcoming poverty that emphasizes the value of enabling individuals and families to learn about and use sound family budgeting and money management practices, to address financial issues, and to plan for long-term success.
Especially when combined with other services,
the asset building approach helps families set goals and progress toward financial stability.
The Office of Community Services (OCS) and the Administration for Native Americans (ANA) have partnered to increase access to and awareness of asset building opportunities in Native American communities.
OCS and ANA are program offices within the Administration for Children and Families (ACF).
OCS and ANA will accept applications to establish and administer asset building projects with a focus on the Assets for Independence (AFI) projects.
Grantees will provide an array of supports and services to enable low income individuals and families to become economically self-sufficient for the long-term.
The AFI focus of each project requires that eligible participants are given access to matched savings accounts, called Individual Development Accounts (IDA), in which participants save earned income for the purchase of a home, for business capitalization, or to attend higher education or training.
Participants are also given access to other supportive services that enable them to become more financially secure.
The IDA portion of the project is funded by OCS.
ANA funds may be used to pay for costs associated with the administration of the AFI-funded IDA project and to provide other asset building strategies, such as financial literacy education and coaching on money management and consumer issues.
Applicants will submit one application identifying a single work plan with two budgets, reflecting OCS-AFI funding and ANA-SEDS funding separately.
Each successful application will receive two awards, reflecting OCS funding and ANA funding separately.