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.