Code of Maine Rules › 94 - INDEPENDENT AGENCIES › 457 - FINANCE AUTHORITY OF MAINE (FAME) › Chapter 315 - FAMILY DEVELOPMENT ACCOUNTS PROGRAM › Section 457-315-4 - Application Procedure and Content

Current through 2024-29, July 17, 2024
A. Within two
				months of the adoption of this Rule, the Authority shall solicit applications
				from community development organizations seeking authorization to administer
				family development accounts. The Authority shall specify a time within which
				applicants seeking consideration must have submitted a complete application.
				The Authority shall solicit a second series of applications from community
				development organizations within six months after the completion of the initial
				solicitation. Thereafter, the Authority may accept applications without
				undertaking a solicitation.
B. Each
				applicant shall submit an application to the Chief Executive Officer on such
				forms and with such attachments as the Chief Executive Officer may require
				consistent with the purposes of the program and this rule.
C. The Chief Executive Officer will review
				each application for completeness and eligibility. Applications which are not
				substantially complete may be deemed not received until completed. The Chief
				Executive Officer shall determine when an application is received, which
				determination shall be final.
D.
				The application shall contain the following:
(1) a description of the applicant, including
				its funding sources, the region and population it intends to serve and a
				summary of all of its programs benefiting individuals eligible to become
				account holders;
(2) an estimate of
				the costs projected for the administration of the program;
(3) methods by which the applicant will
				obtain funds from other sources for matching investments;
(4) a plan to provide cash management
				training, including debt management and budgeting to account holders;
(5) a plan to publicize the availability of
				family development accounts;
(6) a
				description of the applicant's staff by organizational chart and
				résumé of key staff administering the program;
(7) the applicant's organizational audits and
				program audits for the most recent fiscal year;
(8) a description of the ability of the
				applicant to provide auxiliary services such as counseling on the effect of
				being an account holder on the receipt of State and federal financial and
				medical benefits, including a description of the nature and scope of such
				services available to account holders;
(9) a plan to screen potential account
				holders for eligibility;
(10) a
				description of the specific populations the applicant plans to identify for
				participation in the program;
(11)
				a description of the process the applicant will use to include account holders
				in the investment of funds in the accounts;
(12) assurances satisfactory to the Authority
				that deposits into accounts will be accepted from account holders with or
				without matching contributions from community development
				organizations;
(13) if the
				applicant proposes to undertake any aspect of its proposal with the assistance
				of or in conjunction with a partner, the application must also include relevant
				information regarding any such partner;
(14) a description of the CDO's approach to
				allowing a withdrawal from an account, including a description of any
(a) counseling prior to withdrawal;
(b) policies and procedures they intend to
				implement with respect to withdrawals, including specific standards for
				principal residences purchased with funds withdrawn from an account;
				and
(c) standards for determining
				the eligibility of the withdrawal.
(15) the applicant's proposed policy for
				determining the distribution of matching funds, including when the amount of
				the match will be determined; how long or by what date funds must be in the
				account to be eligible for a matching contribution; if the applicant will
				accept matching contributions with restrictions attached;
(16) the CDO's proposed confidentiality
				policy; and
(17) such other
				information as the Authority may require.