Representative Lewis Introduces Legislation Named for CBC Icon

Sep 30, 2010

 

FOR IMMEDIATE RELEASE                                                Contact:  Denise Tolliver

September 30, 2010                                                                (202) 225-3801


Representative Lewis Introduces Legislation Named for CBC Icon


Washington, DC - Congressman John Lewis, 5th Congressional District of Georgia, introduced the "Stephanie Tubbs Jones Assets for Independence Reauthorization Act of 2010."  H.R. 6354, named after Cleveland, Ohio native former Congresswoman Stephanie Tubbs-Jones, establishes a program that will assist struggling residents chart a path to economic recovery and financial independence. This measure updates as well as closes many of the loopholes that are prevalent in the Assets for Independence Act (AFIA).

"The revamping of the Assets for Independence Act is a much needed measure and for this legislation to be named for my good, kind, caring, and generous friend Stephanie Tubbs-Jones is fitting of her and something I know that she would welcome with open arms," said Congressman Lewis.

The Assets for Independence Act (AFIA) is an asset-building program that combines financial literacy education with training programs to help low- income communities.  AFIA consists of a public-private partnership with a proven record of helping more than 85 thousand families save, buy, and sustain appreciating assets such as homes and businesses. The program which is administered by the Department of Health and Human Services, sets up individual development accounts (IDAs) to help low-income families save and build wealth as well as emerge from poverty.  IDAs also assist struggling Americans in saving for home purchases, home repairs, continuing their education or starting a business.

The Stephanie Tubbs-Jones Assets for Independence Act of 2010 will do the following:

  • Expand and modernize eligibility standards so that more low-income Americans, primarily victims of domestic violence, children in foster care, the recently unemployed and formerly incarcerated individuals qualify for the program;

  • Promote strategic partnerships and expand opportunities for Tribal, Local, and State governments, credit unions and other community development foundations to apply for an Assets for Independence Act grant;

  • Simplify the administrative burden on grantees and provide more flexibility for training and counseling services;

  • Grant equal treatment to Native American Tribal governments so they may use federal funds to administer IDA programs;

  • Update eligible IDA uses for modern needs like education-related purchases and mobile home repairs;

  • Increase the authorization from $25 million to $75 million.

Some of the original co-sponsors of the bill include Marcia Fudge (OH), Eddie Bernice Johnson (TX), Carolyn Kilpatrick (MI), Pete Stark (CA), and Niki Tsongas (MA).

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