HHS’ Administration for Children and Families (ACF) has announced it will award more than $80,000 to Penquis to help individuals in Bangor move toward financial security through its Assets for Independence (AFI) grants.
BANGOR – “These grants will help open the door to opportunity for hard-working people in Maine who are trying to achieve financial independence,” said Jeannie Chaffin, director of the Office of Community Services (OCS). “The AFI program brings together all of the elements of financial capability—the capacity, based on knowledge, skills and access, to manage finances effectively.”
Program participants receive access to special matched savings accounts called Individual Development Accounts (IDAs). Participants deposit earnings into an IDA, and each dollar they deposit gains a match of $1 to $8 from the AFI project funds. The savings and match money must go toward a purchase that moves them closer to financial security: a first home, a new business, or post-secondary education or training.
These community organizations also provide assistance with developing the skills to become financially self-sufficient through financial education and other services.
April has been proclaimed National Financial Capability Month. For more information on National Financial Capability Month, see the Presidential Proclamation on the White House website.
AFI programs currently serve 48 states and the District of Columbia. Visit the AFI website to get more information on the AFI program or to see the list of new grantees.