In 1998, 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.
The first statewide Child Development Account (CDA) in the U.S., Maine’s Harold Alfond College Challenge, stands as a shining example of universal and progressive accounts at birth. We study the College Challenge and document this CDA’s evolution.
The SEED OK experiment, which began in 2007, is a large-scale policy test of universal, automatic, and progressive Child Development Accounts. The CDA uses the Oklahoma 529 College Savings Plan platform.
We test asset-building accounts for children and youth to create an inclusive system of Child Development Accounts in 12 communities across the U.S. SEED included more than 1,200 low-income children and their families.