Cook, Lake, and St. Louis Counties
The Family Assets for Independence in Minnesota (FAIM) Program is a matched savings project to help Minnesota low wage earners build assets to;
- Purchase a home
- Pursuit of a higher education
- Or launching of a small business.
This is accomplished by FAIM participants placing up to $40 monthly savings from their earned income into Family Asset Accounts (savings accounts). Which will be matched 3-1 upon completion of asset contracts. Account holders complete a minimum of 12 hours of financial management classes and an additional 10 hours of asset specific education. Each account holder has two years to save beginning from the date of the first deposit.
- Be at least 18 years of age.
- Have earned income to deposit in savings.
- Be a resident of Minnesota at the time of participation in FAIM, but assets can be used, developed, or secured in other states.
- Have assets of $10,000 or less
- Household income must be at or below 200% of poverty.
Participants income and assets may increase after entrance into the FAIM program.