ASSETS FOR INDEPENDENCE (AFI)
What are IDA'S?
IDA's are Individual Development Accounts, which are matched funds savings accounts.They are typically used to encourage savings for low income families and aid them in purchasing a home for the first time, enrolling in post-secondary education or training or starting or expanding a small business.
With IDA's, an individual is required to save a certain amount of money and the participating program will follow up with an agreed upon match.
What is AFI?
AFI stands for Assets for Independence.AFI is administered by the Office of Community Services (OCS), within the U.S. Department of Health and Human Services.AFI helps participants save earned-income in IDA accounts. For every $1 saved, $3 will be matched through AFI.
Participants must save at least $50 per month for a minimum of 6 months. The maximum savings goal is $1000.A deposit is required to open an account with one of our partners - Red River Bank, Capital One or Shreveport Federal Credit Union.The IDA savings account can be opened once participant receives eligibility letter from program coordinator.
In order to prepare and equip families for independence, AFI provides training in financial education, credit counseling and repair and asset-specific guidance. Participants must attend 8 hours of financial literacy classes, a minimum of 2 credit counseling sessions, and 4 hours of homeownership training or courses related to small business development or post-secondary education.