Assets for Independence Act

[AI summary unavailable — showing source text] Amends the Community Services Block Grant Act to add a Part B (Assets for Independence), which may be cited as the Assets for Independence Act. Provides for the establishment of individual development account (IDA) demonstration projects designed to determine: (1) the social, civic, psychological, and economic effects of providing to individuals and families with limited means an incentive to accumulate assets by saving a portion of their earned income in an IDA; (2) the extent to which an asset-based policy that promotes saving for education, home ownership, and microenterprise development may be used to enable individuals and families with limited means to increase their economic self-sufficiency; and (3) the extent to which an asset-based policy stabilizes and improves families and the community in which they live. (Sec. 1) Limits the use of IDA distributions to specified postsecondary educational, first-home purchase, and business capitalization expenses, as well as transfers to IDAs of family members. Allows not-for-profit organizations, State or local government agencies, and tribal governments to apply to the Secretary of Health and Human Services for grants for such demonst…