New asset tracks include accounts for: 529 College Savings and Emergency Savings.

The 529 College Savings asset track is for parents with young children and will help them start saving toward the cost of their child attending college in the future. The parent will be required to open a MNSaves account and make a $25 opening deposit. More information can be found on 529 accounts at: Funds in the account may only be withdrawn for eligible education-related expenses. Withdrawing funds for non-education use will incur immediate penalties and will have tax implications.

Link to MNSaves website:

The Emergency Savings asset has two tracks:

1. Planned Emergency track funds will be vendor-paid toward critical repairs. Examples include a) necessary repair of a viable vehicle such as replacement of the transmission or motor; b) maintenance of your primary residence (roof repair/replacement, foundation repair, furnace/heating system replacement, replacing doors/windows, lead paint, asbestos or vermiculite abatement, etc.).

2. Unplanned Emergency track is limited to a one-time enrollment per household and is capped at $1,000 savings which may be matched with $3,000. Program funds will be vendor-paid whenever possible to avoid affecting benefits or income tax filing. If the FAIM participant does not have an emergency during their enrollment, funds may be deposited into the enrollee’s personal savings account and held for future emergency use. If funds are not vendor-paid, the program is not responsible for loss of benefits received from other programs – those interested need to discuss this track with their caseworker and FAIM coach before applying. The Unplanned Emergency savings track is meant for someone with no financial cushion.

More details will be posted when available.

To be eligible for FAIM enrollment, applicants must:

  • Be at least 18 years of age.
  • Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
  • 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 the current federal poverty guideline.
  • Have the ability to reach their saving goal in 24 months or less.
  • Have the ability to purchase/obtain their chosen asset in 30 months or less.
  • Other limitations may apply.