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Family Assets for Independence in Minnesota (FAIM) 

The FAIM program assists low-wage earners save money to: 

  • Start a business,
  • Purchase a home, or
  • Pursue higher education for you or a dependent

How does FAIM work?

FAIM helps low-wage earners save money by tripling each dollar they save. Program
participants save $40 each month in a special savings account. Those savings are matched at a 3 to 1 rate. That means for every $40 saved FAIM will add $120 a month.

FAIM eligibility Guidelines

Participants must:
  • Be at least 18 years of age
  • Have earned income at the time of enrollment
  • Be a resident of Hennepin County at time of participation in FAIM
  • Have assets of $10,000 or less
  • Deposit savings from earned income
  • Attend Financial Literacy Workshop
  • Have combined income at or below 200% of poverty (see chart below)
FAIM 2015 Income Guidelines Chart
# of Persons in Household      100% Poverty Guideline    FAIM Guideline (200%)  
1 $11,770 $23,540
2 $15,930 $31,860
3 $20,090 $40,180
4 $24,410 $48.500
5 $28,410 $56,820
6 $32,570 $65,140
7 $36,730 $73.460
8 $40,890 $81,780

 These are the maximum guidelines for income- you may earn less and still qualify.

Si quiere más información del programa FAIM, por favor siga este link

To apply or learn more about FAIM,  contact: 

 
Para aplicar o pedir más información sobre FAIM, contacte a: