Family Assets for Independence in Minnesota (FAIM) accounts, also known as an Individual Development Account (IDA), enable participants to escape poverty and achieve wealth through asset acquisition. FAIM is a matched savings project that helps Minnesota resident low-wage earners build assets within the state through:
- purchase of a first home
- pursuit of post-secondary education
- start or expansion of a small business
- purchase of a personal vehicle
This is accomplished by the participant completing 12 hours of financial wellness training and 10 additional hours of asset-specific training along with any asset-specific requirements. They also build a habit of saving monthly by making deposits from earned income to their FAIM account (custodial savings account). Participants have up to 24 months to reach their saving goal (maximum lifetime savings per household is $2,000). Participant savings may be matched by the program at a rate of 3:1 (maximum lifetime match per household is $6,000) upon successful completion of their Contract Agreement. Participants must request final payout and exit the program within 30 months (2 1/2 years) of the date of first deposit to their FAIM savings or the end of the grant they are enrolled in, whichever comes first.
To be eligible for FAIM, participants must:
- Be at least 18 years of age
- Be and remain a resident of Minnesota (valid MN driver’s license or photo ID card)
- Be a US citizen or eligible non-citizen
- Have earned income (wages) from employment or self-employment
- Have total household net assets under $10,000
- Have combined household annual gross income at or below 200% of poverty (see below)
- Have the ability to save up to $2,000 within 24 months
- Have the ability to purchase the asset within a maximum of 30 months.
- Other limitations may apply
FAIM enrollment is completed through local partner agencies across Minnesota. Refer to the Agency Directory tab for a list of those agencies.
FAIM grants are administered statewide by:
West Central Minnesota Communities Action, Inc.
411 Industrial Park Boulevard, Elbow Lake, MN 56531
Toll Free: 800-492-4805 or (218) 685-4486
FAIM is funded by:
Office of Economic Opportunity; Minnesota Department of Human Services