Asset Development
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 these asset tracks:
First-time Home Purchase
Helping for first-time buyers purchase a primary residence in Minnesota within 30 months (or less)
Post-secondary Education
Helping offset education expenses at an accredited U.S. post-secondary education institution
Personal Vehicle Purchase
Helping those without a reliable vehicle or whose vehicle is unreliable and has become a financial drain
How does it work?
Participants are required to have regular contact with their local FAIM coach and work to:
Build their Credit Score
Or establish a credit score
Review their Credit Report
Plus, address any barriers or errors
Create a Budget
To reduce debt and build the habit of saving monthly
Complete Financial Management Training
12 hours are required
Complete Asset-Specific Training
10 hours of asset-specific training is required and you may need to complete additional requirements depending upon the asset track chosen
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.Â
Could FAIM be right for you?
Looking for guidance on your journey to become financially independent? Get in touch with your local FAIM Agency and be connected with a coach in your area who can help you achieve your financial goals.
Looking for guidance on your journey to become financially independent? Get in touch with your local FAIM Agency and be connected with a coach in your area who can help you achieve your financial goals.