FAIM enrollment has reached grant capacity, applications are no longer being accepted.
Family Assets for Independence in Minnesota (FAIM) accounts, also known as an Individual Development Account (IDA), enable people to escape poverty and achieve wealth through asset acquisition.
The FAIM program is a matched savings project that helps Minnesota resident low-wage earners build assets in the state through:
- purchase of a first home
- pursuit of post-secondary education
- launch or expansion of a small business
- purchase of a personal vehicle
This is accomplished by the participant depositing $84 or more monthly from their earned income into a Family Asset Account (custodial savings account). The participant has up to 24 months to save (up to $2,000 maximum savings per household in a lifetime). Participant savings may be matched by the program at a rate of 3:1 (up to $6,000 maximum match per household in a lifetime) upon successful completion of their Contract Agreement. The client is required to complete final payout and exit the program within a maximum of 30 months from his/her/their first deposit date or the end of the grant, whichever comes first.
To be eligible for FAIM, participants must:
- Be at least 18 years of age
- Be a resident of Minnesota (valid MN driver’s license or photo ID card at time of application through exit from FAIM)
- Be a US citizen or eligible non-citizen
- Have earned income from employment or self-employment
- Have total household net assets of less than $10,000
- Have combined household annual gross income at or below 200% of poverty (see below)
- Other limitations may apply
FAIM Brochure: FAIM Brochure – Updated 3-17-2022
FAIM is funded by:
Office of Community Services; US Department of Health & Human Services – federal funds end 4/30/2022.
Office of Economic Opportunity; Minnesota Department of Human Services
FAIM is coordinated statewide by:
West Central Minnesota Communities Action, Inc.
411 Industrial Park Boulevard, Elbow Lake, MN 56531
(218) 685-4486 or Toll Free: 800-492-4805