Family Assets for Independence in Minnesota

Asset Building

In the 1998 state legislative session, the Minnesota Community Action Agencies Association initiated IDA legislation in collaboration with Women Venture and the Wendell Phillips Federal Credit Union and with the support of several Indian Tribes. Through inclusion in the Children and Families omnibus legislation, the Minnesota Legislature passed into law the Family Assets for Independence in Minnesota (FAIM) Pilot Project for IDAs. FAIM was the first statewide IDA program to be studied in this level of detail. This research was important for Minnesota, but also other states that are operating or planning to operate a statewide IDA program. Every state will be somewhat distinctive, but findings and lessons from FAIM are likely to be informative for other state IDA programs. Without research, we cannot learn whether IDAs are successful, for whom, and under what program circumstances. Analyses in the FAIM study include both individual and institutional characteristics, so we can say something about both IDA programs and IDA participants in relation to savings performance. Funding Partner: Ford Foundation, State of Minnesota

Principal Investigator & Contact

Margaret Clancy

Margaret Clancy

CSD Policy Director,
Director of College Savings Initiative and SEED for Oklahoma Kids