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Family Assets for Independence in Minnesota (FAIM) 

***FAIM is currently closed for the 2018 enrollment period. Applications will not be accepted until further notice.***

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 2018 Income Guidelines Chart
# of Persons in   
Household   
  100% Poverty    
Guideline 
  FAIM Guideline    
(200%)  
1 $12,140 $24,280
2 $16,460 $32,920
3 $20,780 $41,560
4 $25,100 $50,200
5 $29,420 $58,840
6 $33,740 $67,480
7 $38,060 $76,120
8 $42,380 $84,760

 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: