fAMILY ASSETS FOR INDEPENDENCE IN MINNESOTA (FAIM) PROGRAM

Application Is Currently Closed

A program to enable participants to achieve wealth through asset acquisition.

The 30-month maximum enrollment in the matched savings program may assist low-income working Minnesota residents in building personal assets within the state through obtaining one of the following assets:

Buying a first home

Paying for post-high school education

Start or grow your business

Buying your own car

Saving for post-high school education

Saving for an emergenncy fund

How does it work?

Program participants build a habit of saving by making regular deposits from earned income (wages) to the FAIM account (custodial savings account) they open through 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 may be paid to a third-party vendor to assist with purchase of their chosen asset. 

How does it work?

Program participants build a habit of saving by making regular deposits from earned income (wages) to the FAIM account (custodial savings account) they open through 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 may be paid to a third-party vendor to assist with purchase of their chosen asset. 

Application is currently closed

Additional Program Details

The program has a minimum enrollment requirement of six months and a day before a payout may be requested.

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. 

Match is contingent on funds remaining in the grant.

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 within 24 months or less.

  • Have the ability to purchase their chosen asset within 30 months or less.

  • Other limitations/restrictions or requirements may apply.