The Family Assets for Independence in Minnesota (FAIM) program is a matched savings program funded by grants. The program is designed to help low-wage Minnesota residents 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
- saving for future education of minor child/children via 529 college savings – new pilot in 2024
- emergency savings – new pilot in 2024 – limitations apply
Participants are required to have regular contact with their local FAIM coach and work to:
- establish or build their credit score
- review their credit report and address barriers
- create a budget to reduce debt and build the habit of saving monthly
- complete 12 hours of financial management training
- complete an additional 10 hours of asset-specific training
- complete asset-specific requirements
Saving and spending timelines are established in a Contract Agreement which is completed with the coach and signed by the participant. Minimum enrollment period, trainings and asset-specific requirements must be successfully completed to be eligible for a matched payout. Program funds are paid directly to a third-party vendor, not the participant.
Refer to the FAIM Agency Directory tab on this website for a list of partner agencies across Minnesota that offer the program locally to clients.