Federal Grant 0953 Deadlines
Enrollment in Federal Grant 0953 was closed in August 2021. Please prioritize working with these clients to complete trainings and asset requirements so they may spend out and exit before the grant closes in April 2022.
- Not sure which grant your client is enrolled in? Look at the “Intended Use” field on the FAIM account statement you pull each month – if there isn’t a 4-digit number listed after the asset, the client is enrolled in Grant 0953.
- The federal extension of Grant 0953 expires in April 2022 – we do not anticipate receiving another extension from the feds to spend down the grant. If clients are not spent out before the grant closes, the coach will exit them without a payout and their savings/interest will be returned by the bank.
- Coaches must submit paperwork for final payout requests to FAIM Admin by April 1, 2022, for processing before Grant 0953 is closed.
- ALL clients enrolled in Grant 0953 will be required to exit the program in April 2022 due to the grant ending.
FAIM enrollment in state-only grant is at capacity as of 10/22/2021.
- Enrollment is frozen and applications are no longer being accepted due to reaching capacity in the grant. If you have a client interested in FAIM, pre-screen for eligibility before adding them to your local wait list for the next grant.
- Prescreen clients for eligibility, ability to save, and potential to successfully complete the program in 24-30 months (30 months from date of first deposit to FAIM savings is the maximum a client is allowed in the program). If FAIM is not a good fit, give them things to work on improving and have them check back in 3-6 months for a review to see if their situation has improved.
- Submitting an incomplete application packet to FAIM Admin will NOT hold a spot in the program for the client. FAIM coach will be notified of follow up required and the application will go to bottom of the pile. Follow up is to be submitted to FAIM Admin within two weeks of request date. If slots in the program fill, coach will be notified to exit their client.
- Previous matched payouts completed for anyone in the household will affect match eligibility of the applicant.
- FAIM forms were updated and posted to this website in 2021. Dispose of any electronic or hard copy versions of old forms and use the current versions.
Funding for the next State Grant is anticipated.
- DO NOT start or accept applications for this grant until further notice. Pre-screen potential FAIM clients and create a local wait list for your agency.
- New participating agency agreements are required for your agency to enroll clients in the next grant. Kelli emailed the document to agencies the first week of November. The agreement requires your agency director’s signature. If your agency does not meet one of the three criteria to offer FAIM, a subgrantee form must also be completed and returned. The FAIM Work Plan must be included with the completed Participating Agency Agreement – send to firstname.lastname@example.org by 12/17/2021.
- Please note that the program is reverting back to a minimum enrollment period of 1 year + 1 day before full payout may be requested.
- Coaching dollars will be paid to agencies for the first 65 approved enrollments that complete the 12-hour Financial Literacy training – submission of client’s training completion certificate to FAIM Admin is required.
FAIM forms were updated and posted below spring 2021. Dispose of electronic or hard copy versions of old forms and use current forms.
Please note that Bremer Bank does NOT accept electronic signatures on any forms sent to them – client and coach must physically sign.
Payout Request Forms
Home Purchase Asset
- Loan Estimate – send with payout request forms
- Closing Disclosure (CD) – send final, signed copy after closing date or if doing a principal reduction payout
- Current Mortgage Statement – send with copy of final CD if doing a principal reduction payout. Another copy is required within 30 days of the payout to document that the FAIM payment was applied to principal only.
- Household Budget Estimate Form – located in Financial Training/Assessment Tools section
- FAIM – Asset-Specific Training Hours Tracking Form – keep in local file
- Mortgage Qualifier Form
Vehicle Purchase Asset – work in progress
Budget / Pre-Post Enrollment Assessment Tools / Training Forms