Family Prosperity & Decision Making: Individual Development Accounts (IDAs) FAIM

• FAIM (Family Assets for Independence in Minnesota) is a match savings program for persons that are interested in (a) going to college; (b) purchasing a first home; or (c) starting a business.  The program provides a $3.00 match for every $1.00 saved, so that after two years of contributing $40/month ($960), FAIM participants have saved/earned a total of $3,840 to put towards their goals

  Eligibility for FAIM
  Participants must:

  --Be at least 18 years of age

  --Have earned income at the time of enrollment

  --Be a resident of Minnesota at time of participation in FAIM

  --Have assets of $10,000 or less

  --Deposit savings from earned income

  --Have combined income at or below 200% of poverty (see table below)

  Participant's income and assets may increase after entrance into the FAIM program.

   

  Read more about conditional cash transfers from Common Grounds' report in the library.

• Rate this idea on a scale of 1 (low) to 5 (high) according to the following criteria. 

• 1.

  Human Capacity.  How much does this idea:

  * uncover and build on individual-family-community strengths/assets
  * make transparent the processes, structures, policies impacting the individual-family-community?
  * help illuminate influences of social-economic-cultural context for the individual-family-community?

  

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• 2.

  Civic Infrastructure.  How much does this idea:

  * build connections, networks, collaborative structures
  * create community resources, assets, equality of opportunity
  * increase social capital, economic independence and civic engagement

  

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• 3.

  Fairness / Equity.  How much does this idea:

  * have the potential for positively impacting racial, gender or other disparities beyond socio-economic status
  * provide greater and more convenient access to resources as needed along the prosperity continuum

  

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• 4.

  Scope of impact and potential efficiency.  How much does this idea:

  * require accessing multiple policy areas
  * help integrate resources across areas

  

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• 5.

  Rules and regulations.  How much does this idea alter use of or need for rules and regulations?

  

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• 6.

  Incentives / Resources.  How much does this idea:

  * Change incentives for stakeholders
  * Focus resources along a new or different path toward prosperity

  

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• 7.

  Replicability.  How replicable is this idea?

  

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• 8.

  Scalability.  How scalable is this idea?

  

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• 9.

  Ability to impact.  How great is our ability to implement this idea?

  

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• 10.

  Palatability.  How palatable or politically feasible is this idea? 

  

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