Enrollment in the current FAIM grant is closed.  Contact a FAIM partner agency to be screened for potential eligibility and to be placed on their wait list.  Refer to the FAIM Agency Directory tab of this site for a list of partner agencies who offer the program to low-income working Minnesota residents in their service area.   

Mission Statement

Family Assets for Independence in Minnesota (FAIM) accounts enable program participants to escape poverty and achieve wealth through asset acquisition. The 30-month maximum enrollment in the matched savings program may assist low-income working Minnesota residents in building personal assets within the state through obtaining one of the following assets:

  • purchase of a first home
  • pursuit of post-secondary education
  • start or expansion of a small business
  • purchase of a personal vehicle
  • 529 college savings – new pilot in 2024
  • emergency savings – new pilot in 2024 – limitations apply

Contact a local FAIM partner agency to discuss eligibility and to be added to the wait list for enrollment.  Once enrolled, participants will choose an asset track and complete a Contract Agreement.  Enrollees must complete a minimum 12 hours of financial management training with 1:1 coaching to review credit report and create a budget, a minimum 10 additional hours of asset-specific training, and the requirements of their chosen asset. 

Program participants build a habit of saving by making regular deposits from earned income (wages) to the FAIM account (custodial savings account) they open through the program. Participants have up to 24 months to reach their saving goal and earn 3:1 match on deposits.  Upon successful completion of their Contract Agreement, the savings and earned match may be paid to a third-party vendor to assist with purchase of their chosen asset. 

The program has a minimum enrollment requirement of six months and a day before a payout may be requested.  Participants must obtain their chosen asset and exit the program within 30 months of account opening OR by the end of the grant they are enrolled in – whichever comes first.  Match is contingent on funds available in the grant.

To be eligible for FAIM enrollment, applicants must:

  • Be at least 18 years of age.
  • Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
  • Have ongoing earned income (wages from employment or self-employment).
  • Have combined household annual gross income at or below 200% of the current federal poverty guideline.
  • Have total household net assets under $10,000.
  • Have the ability to reach their saving goal within 24 months or less.
  • Have the ability to obtain their chosen asset within 30 months or less.
  • Other limitations/restrictions or requirements may apply.

2024 Federal Poverty Guideline

FAIM Brochure – Six Asset Tracks – Updated 5-21-2024

FAIM enrollment is provided through local partner agencies across Minnesota.  Refer to the Agency Directory tab on this website for a list of those FAIM agencies.

 

FAIM grants are administered statewide by:

West Central Minnesota Communities Action, Inc., 411 Industrial Park Boulevard, Elbow Lake, MN 56531

FAIM is funded by:

Office of Economic Opportunity; Minnesota Department of Human Services