Family Assets for Independence in Minnesota (FAIM)
The FAIM program assists low-income working adults save money for Higher Education, Home Purchase, or to Start 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. Participants can save up to $960 over a two year period and receive $3,840 back to use towards one of the 3 options. All participants in the FAIM program attend a 12-hour financial literacy course and complete 10 hours of asset specific training. Both required. For clients interested in starting a business, they will work with the Small Business Development Center to complete a business plan. Those choosing to purchase a home attend Home Stretch through Central Minnesota Housing Partnership. Those choosing an educational model will work with a counselor on “School” preparation, financial aid application, career counseling, course registration, and institutional orientation.
- 43 accountholders have purchased homes
- 45 accountholders have enrolled in post-secondary education programs
- 50 small businesses have been launched
- 138 accountholders have saved nearly $143,800 in FAIM accounts.
We Congratulate them all for their hard work and diligence in achieving a sought after goal!
WHO IS ELIGIBLE
The current income guidelines to qualify for participation in the FAIM program are:
| Family Size | Maximum Household Income |
|---|---|
| 1 | $21,780 |
| 2 | $29,420 |
| 3 | $37,060 |
| 4 | $44,700 |
| 5 | $52,340 |
| 6 | $58,980 |
| 7 | $67,620 |
| 8 | $75,260 |
Each additional person add $7,640
HOW DO I APPLY?
For more information go to www.minnesotafaim.org or call Tri-CAP.