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FAIM: Family Assets for Independence in Minnesota

Family Assets for Independence in Minnesota (FAIM), is a program for working families who are willing to take steps toward self-sufficiency by building assets. FAIM participants select an “asset track” of first-time homeownership, post-secondary (college) education or launching a small business.

 

FAIM participants set savings goals of an average of $40 per month for two years, and open a special savings account known as an Individual Development Account (IDA). Participant’s savings are matched at $3 for every $1 saved, up to program limits, once the goal has been reached.

 

FAIM works with resources including Minnesota Health and Human Services, the Office of Community Services, the Office of Economic Opportunity, the McKnight Foundation and the Greater Twin Cities United Way.

 

Mission statement
Family Assets for Independence in Minnesota (FAIM), which are
Individual Development Accounts (IDAs), enable people to escape poverty and achieve wealth through asset acquisition.

 

Buy a Home
For home purchases, FAIM targets first-time homeowners (for FAIM program purposes, a first-time homeowner is a person who has not owned a principal residence for a period of 3 years). To prepare homebuyers, a 10-hour homebuyer education class is required.

 

To be eligible to buy a home using FAIM Participants must:

  • Be at least 18 years of age.
  • Have earned income at the time of enrollment.
  • Be a resident of Minnesota at time of participation in FAIM.
  • Have assets of $10,000 or less.
  • Deposit savings from earned income.
  • Have combined income at or below 200% of poverty (see table on right).
    Participant's income and assets may increase after entrance into the FAIM program.

 

Get an education
Education expenses to attend an accredited post-secondary institution may include tuition, fees, books, supplies and equipment required for courses of instruction. FAIM participants must complete 10 hours of career planning activities provided by a FAIM coach or through college admissions counselors.

 

To be eligibility to get an education using FAIM participants must:

  • Be at least 18 years of age.
  • Have earned income at the time of enrollment.
  • Be a resident of Minnesota at time of participation in FAIM.
  • Have assets of $10,000 or less.
  • Deposit savings from earned income.
  • Have combined income at or below 200% of poverty (see table on right).

 

Participant's income and assets may increase after entrance into the FAIM program.

 

Start a business
FAIM program funds can be used to begin a new business or expand an existing small business. The local FAIM agency shall determine the realistic possibilities of such ventures. FAIM participants must develop a qualified business plan.

 

To be eligible to start a business using FAIM participants must:

  • Be at least 18 years of age.
  • Have earned income at the time of enrollment.
  • Be a resident of Minnesota at time of participation in FAIM.
  • Have assets of $10,000 or less.
    Deposit savings from earned income.
  • Have combined income at or below 200% of poverty
    (see table on right).

 

Participant's income and assets may increase after entrance into the FAIM program.

 

For more information visit www.helpmnsave.org.