Family Assets for Independence in Minnesota
Family Assets for Independence in Minnesota (FAIM) accounts enable program participants to escape poverty and achieve wealth through asset acquisition. This matched savings program can assist low-wage Minnesota residents in building personal assets within the state through obtaining one of the following assets:

Purchase of a first home
Pursuit of post-secondary education
Start or expansion of a small business
Purchase of a personal vehicle

Participants will choose an asset track and complete a Contract Agreement at the time of enrollment. Enrollees are required to complete:
12 hours of financial management training
10 additional hours of asset-specific training
1:1 financial coaching with review of credit report and budgeting
Any additional requirements of their chosen asset.

Program participants build a habit of saving by making regular deposits from earned income (wages) to the FAIM account (custodial savings account) they open with the program. Participants have up to 24 months to reach their saving goal and earn 3:1 match. Upon successful completion of their Contract Agreement, the savings and earned match are paid to a third-party vendor to assist with purchase of their chosen asset.

The program has a minimum enrollment requirement which is contingent on the grant an individual is enrolled in. Participants must obtain their chosen asset and exit the program within 30 months of the date first deposit was made to their FAIM account OR by the end of the grant they are enrolled in, whichever comes first.

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.
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 the current federal poverty guideline.
Have the ability to reach their saving goal within 24 months or less.
Have the ability to purchase their chosen asset within 30 months or less.

Other limitations or requirements may apply. Call the Community Services Department at 320-679-1800, Option 4 to complete an eligibility screening or if you have more questions.