NCUA, HHS Announce AFI Grant Program Training
Credit unions can tap into AFI training academies
July 27, 2005, Alexandria, Va. -- National Credit Union Administration (NCUA) Chairman JoAnn Johnson encourages credit unions serving low-income communities to attend one of the Assets For Independence training sessions the U.S. Department of Health and Human Services is offering at various locations in August.
“The HHS Assets For Independence (AFI) grant program is an excellent way that low-income credit union members can begin to achieve sound financial footing, and I encourage credit unions to attend a training session to learn more,” Chairman JoAnn Johnson said. “The program enables credit unions to assist members grow their savings and turn dreams into reality through the combination of member savings in Individual Development Accounts (IDAs) and matching AFI contributions.”
Every dollar a low-income credit union member deposits in an IDA account at a participating credit union is matched with AFI funds at rates ranging from $1 to $8. After depositing funds into an IDA for six months or more, a typical participant accumulates more than $4,000 (savings plus the match funds) to acquire a home, small business, or pay for education or training.
“Providing members access to a savings program that can make a positive difference in their lives is the payoff for participating credit unions,” the Chairman said. “The program is designed to enhance the social and economic well-being of families and communities across America.”
Credit unions are invited to attend an informational AFI program session, held concurrently with HHS Asset For Independence Training Academies, the following dates and locations:
August 16, 2005
9:30am - 12:00pm
Oakland Marriott City Center Hotel
1001 Broadway
Oakland, California 94607
(Training Academy runs August 15-17)
August 23, 2005
9:30am - 12:00pm
Renaissance Inner Harbor Hotel
202 E. Pratt Street
Baltimore, Maryland 21202
(Training Academy runs August 22-24)
August 30, 2005
9:30am - 12:00pm
Le Meridian Hotel
521 N. Rush Street at Michigan Avenue
Chicago, Illinois 60611
(Training Academy runs August 29-31)
To obtain additional information about the Assets for Independence program, including the AFI statute, special tools for potential AFI applicants and to access registration, link to www.acf.hhs.gov/assetbuilding. Contact the AFI program office directly at 202-401-4626 or
e-mail afiprogram@acf.hhs.gov.
The National Credit Union Administration is the independent federal agency that charters and supervises federal credit unions. NCUA, with the backing of the full faith and credit of the U.S. government, operates the National Credit Union Share Insurance Fund (NCUSIF), insuring the savings of over 83 million account holders in all federal credit unions and many state-chartered credit unions.
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