Assets for Independence Program

Assets for Independence (AFI) is a Federal grant program that enables community-based nonprofits and State, local and Tribal government agencies to implement and demonstrate an asset-based approach for giving low-income families help out of poverty.
The Tuscaloosa Housing Authority’s IDA/STAR Program is a savings program to enable public housing residents to become homeowners. Individual Development Accounts (IDA’s) are special matched savings accounts designed to help families and individuals establish a pattern of regular savings and homeownership.
The Tuscaloosa Housing Authority’s IDA Program is called STAR or Saving Toward A Reward. A savings match means that THA will match your deposit dollar up to $2,000. So if you save $2,000, THA will match with $2,000 and you will have a home down payment of $4,000.

Eligibility requirements:

• Must be resident of THA Public Housing
• Must be able to deposit at least $25 a month into savings account
• Must save for a least 12 months
• Money deposited must come from earned income, not social security, SSI, child support, etc.
• Total gross household income cannot exceed:
• $10,380 for an individual
• $27,413 for a family of two
• $31, 152 for a family of three

Resident must be willing to complete 15 hours of general financial education and homeownership training
Participants on the IDA/STAR program will still have to resolve credit issues before becoming homeowners and complete 15 hours of general financial education and homeownership training. They must also complete a full one month budget that demonstrates money earned and expenses, as well as ideas for cut-backs to save more money.
For more information concerning these programs please contact the following:
• Coleecia Perryman (Director of Resident and Community Services) (205) 758-6619 ext 108
• Cristina Rice (Asst. Director of Resident and Community Services) (205) 758-6619 ext 118