Our Mission
Family Assets for Independence in Minnesota (FAIM) empowers low-income working residents to escape poverty and build lasting financial stability through matched savings opportunities.
By supporting the acquisition of essential assets—such as first homes, post-secondary education, small businesses, vehicles, and future education savings—FAIM fosters wealth-building and economic independence. With new pilot programs for 529 college savings and emergency savings in 2024, FAIM continues to innovate to meet the needs of Minnesota families.
What is FAIM?
Family Assets for Independence in Minnesota (FAIM) is a matched savings program designed to help low-income working Minnesotans escape poverty and build financial security within the state.
During their enrollment, participants save their wages toward specific life-enhancing goals, such as purchasing a first home, pursuing higher education, starting or expanding a small business, or buying a personal vehicle. In 2024, FAIM introduced two pilot tracks: saving for a young child’s future education through a 529 college savings plan and limited emergency savings. By matching participant savings and providing financial and asset-related training, FAIM provides the tools and resources to create lasting wealth and independence.
Who is it for?
FAIM is for low-income, working Minnesota residents who are ready to take meaningful steps toward their financial independence. Whether you're planning to buy your first home, invest in post-secondary education for yourself or your tax dependent, start/expand a small business, or secure transportation necessary for work, FAIM may help you achieve these goals.
New in 2024, the program piloted two new tracks which include saving for a young child’s future education and limited emergency savings. If you’re looking for a path to build personal assets and long-term stability, FAIM could be the perfect fit.
FAIM Program Timeline
Contact a local FAIM partner agency to discuss eligibility and be added to the waitlist for enrollment.
Note: Match funding is contingent on the availability of funds within the grant.
Who is eligible?
To qualify for the FAIM program, applicants must:
Be at least 18 years old and a resident of Minnesota
Must have a valid MN driver’s license or MN photo ID card.
Have earned income
From employment or self-employment.
Meet income limits
Household annual gross income at/below 200% of the current federal poverty guideline.
Have household net assets under $10,000
Be able to reach their savings goal within 24 months
And obtain the chosen asset within 30 months or the end of the grant - whichever comes first.
Note: Additional restrictions or requirements may apply.
Program Administration
FAIM enrollment is provided through local partner agencies across Minnesota – asset tracks offered may vary by agency.
Grants
Administered statewide by:
West Central Minnesota Communities Action, Inc.
Grants
Funded by:
Office of Economic Opportunity – visit site
Minnesota Department of Human Services – visit site
Statewide
FAIM Administration Team:
Partners
Local FAIM Agencies
Dave Snyder, Susan Thoennes, Paige Carlson
Contact a local partner agency to join a waitlist and learn more about future opportunities.
Enrollment in the current FAIM grant closed in September 2024.
Could FAIM be right for you?
Looking for guidance on your potential FAIM savings journey? Contact a local FAIM partner agency in your area regarding help in achieving your financial goals.
PLEASE NOTE: FAIM enrollment in the current grant closed on 9/30/2024. Contact a local FAIM partner agency to learn more about future opportunities and to be placed on their wait list.