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News Now

CU System
Federation assisting with new IDA grants
NEW YORK (12/19/07)--The National Federation of Community Development Credit Unions is working with Assets for Independence (AFI) to match $19 million in grants for organizations that want to start or expand individual development account (IDA) programs. The federation is working with AFI to provide technical assistance to all prospective grantees. The federation’s goal is to help expand the diversity of organizations that participate in the AFI IDA programs. AFI has identified credit unions as a target group because of their commitment to serving low-income communities and people of modest means. “Credit unions have always been dedicated to building assets and many already run efficient and effective IDA programs,” said Cliff Rosenthal, federation president/CEO. IDA programs help eligible low-income individuals build savings that can be used for homeownership, business capitalization or post-secondary educating and training. Application deadlines are Jan. 15 and March 25, 2008. AFI is a program run by the U.S. Department of Health and Human Services Office of Community Services. For more information, use the links.
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