New Mexico Association of Community Action Agencies is a nonprofit organization that has provided three AFI grants since 2004, with the objective of empowering New Mexico families to manage their money and credit wisely, and build and maintain assets enabling economic self-sufficiency.
New Mexico Association of Community Action Agencies is a network grantee with 26 subgrantees. This grantee emphasizes homeownership, postsecondary education, and business capitalization, with the goal of strengthening families by providing expanded opportunities for economic stability through statewide access to financial education and the chance to save through an IDA. This grantee has been successful in completing asset purchases, helping participants complete program requirements, retaining participants, maintaining savings goals, leveraging business planning, homeownership counseling, credit counseling, and tax preparation.
New Mexico Association of Community Action Agencies partners with the New Mexico Project for Financial Literacy, TAX HELP New Mexico, The Loan Fund, New Mexico State Department of Workforce Solutions, New Mexico Mortgage Finance Authority, New Mexico State Department of Vocational Rehabilitation, Community Action Agency of Southern New Mexico, YES Housing, Inc., and the GearUp program at Northern New Mexico College, all providing a referral process to match potential business owners with the IDA opportunity, outreach efforts at New Mexico workforce development offices, low-cost mortgage financing to first-time home buyers, home buyer training, free tax preparation, mentoring to other consortium partners, and outreach to youth and youth programming.
Assets for Independence Grant History
New Mexico Assets Consortium IDA Program
1271 IDAs have been opened.
1,272 participants have received financial education.
$1,019,022 saved by participants.
706 participants have purchased an asset.
Total AFI Funding
Total AFI Grant Funding:
Total Non-Federal Support: $3,000,000
New Mexico Association of Community Action Agencies targets eligible participants living in New Mexico, Navajo Nation and Zuñi reservations, and New Mexico colonias.