Family Assets for Independence in Minnesota (FAIM)
***The FAIM program will begin accepting applications for the 2019 enrollment period on February 1, 2019.***
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
- 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 2018 Income Guidelines Chart|
# of Persons in
These are the maximum guidelines for income- you may earn less and still qualify.