Assets for Independence Resource Center
 
Managing Your AFI Grant > Requesting a No-Cost Extension for any AFI Project

"All AFI grantees should reflect on the progress of their IDA initiative throughout the span of their grant, and after 4 years, they should consider whether they will need to request an extension."

Requesting a No-Cost Extension for an AFI Project

All AFI grantees should reflect on the progress of their IDA initiative throughout the span of their grant, and after 4 years, they should consider whether they will need to request an extension. Grantees are eligible for one no-cost extension for up to more 12 months. Extensions offer grantees more time to use the entirety of the HHS grant to complete their AFI project. This is a common practice, and grantees considering it should review the official Information Memorandum (IM) which details official policy on the topic.

No cost extensions can allow a grantee to continue its services to current participants, enroll new IDA savers, maximize its entire grant for match funds, and finish gathering and reporting data on its AFI project.

If you need more funds, consider applying for another AFI grant.

If you are an AFI grantee, ask yourself the following questions as you enter the last year of your grant, to determine whether you might need an extension:

  • "Are some IDA savers making progress, but not likely to make their asset purchase before the original project end date?"
  • "Have we obligated all of our match funds to savers, or could we enroll new participants to expend the AFI funds more quickly?"
  • "Are some participants not saving regularly? Should we release them from the project and enroll new participants?"
  • "Are some participants having trouble saving enough for a house due to a harsher market condition? Might these savers benefit from a change in their asset goal?"
  • "Do we now have access to additional non-Federal funds that will allow us to draw down more of the Federal award, and support more participants?"
  • "If we had more time could we make some changes to our AFI project, such as the match rate or savings cap, or target new participants to help finance more asset purchases?"
Extensions do not include additional Federal funds. Grantees can draw down Federal funds for up to five years following the date ACF awarded the funds to them. They cannot draw down additional funds after that five year mark, even if they receive an extension. If they receive an extension, grantees must make sure to draw down all of the funds needed period before the fifth anniversary of their grant.

Grantees who decide to request an extension need to submit a request to their Grants Management Specialist (along with a copy to their AFI Program Specialist). Requests must be no longer than 5 pages long, and sent in no later than six months before the end of the project.

All requests should including the following info:

  1. Reasons for Seeking an Extension: The grantee should detail the specific project goals it needs more time to achieve, and why it cannot complete the project within the original project period.
  2. Narrative: The grantee should describe the planned activities it hasn’t yet completed, and the dates it believes it can complete them by after receiving an extension. The narrative should include the following details:
  • Work plan and goals for extension period.
  • Firm date for all participants to use their IDA savings, and how the grantee will make sure all participants meet this date.
  • How the grantee will ensure an orderly closeout at the end of the extension period.
  • Include a table, like the one below, to convey original goals and projected progress, including number of participants, total IDA savings, and number of each type of assets purchases.

 

Total Participants

Total IDA Savings

Total Home Purchases

Total Business Purchases

Total Education Purchases

Original project goals

 

 

 

 

 

Projected status at original end date

 

 

 

 

 

Projected status with one-year extension

 

 

 

 

 

  1. Grantee Signed Statements:
  • Firm commitment that the grantee will continue to provide data on its project for Federal research and evaluation of the AFI program.
  • Statement that the grantee has submitted all required program reports so far.
  • Any requests for technical assistance from the AFI Resource Center to help the grantee with specific issues it is having in achieving project goals.

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