Family Assets for Independence in Minnesota Application




The Family Assets for Independence in Minnesota (FAIM) program assists low to moderate-income working adults with saving money for higher education, home purchase, or starting or expanding a small business.

Thanks to the contributions of the federal government, state government, and charitable foundations, money saved by participants is matched at a 3:1 ratio. By saving $40 every month, participants can save up to $960 over a two-year period and receive a $2,880 match for a total of $3,840. The $3,840 savings may be used towards one of the three options listed above.


All participants in the FAIM program are required to attend a 12-hour financial literacy course and complete 10 hours of asset specific training. All required training is FREE!

  • • Clients interested in starting or expanding a business will work with the Small Business Development Center to complete a business plan.
  • • Clients choosing to purchase a home are required to attend Home Stretch through Central Minnesota Housing Partnership.
  • • Clients interested in the education model will work with a counselor on school preparation, financial aid application, career counseling, course registration, and institutional orientation.

ELIGIBILITY

The current general and income guidelines to qualify for participation in the FAIM program are:

  • • Age 18 years and older
  • • Must have some source of earned income. Earned income can be from recycling aluminum, snow shoveling, babysitting or other self-employment
  • • Have earned income at the time of enrollment
  • • Be a resident of Aitkin, Carlton, Chisago, Isanti, Kanabec, Mille Lacs, or Pine counties at time of participation in FAIM
  • • Have assets of $10,000 or less. This does not include your home or one vehicle.
  • • Have combined income at or below 200% of poverty (see chart below)
  • • Must not be in default of student loans
  • • No IRS tax liens

Family Size

Income Limit

1

$24,280

2

$32,920

3

$41,560

4

$50,200

5

$58,840

6

$67,480

7

$76,120

8

$84,760




Click Here for FAIM Application

For complete eligibility guidelines, click here to view the FAIM brochure.