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
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 | $12,490 |
$ 24,980
|
2 | $16,910 | $33,820 |
3 | $21,330 | $42,660 |
4 | $25,750 | $51,500 |
5 | $30,170 | $60,340 |
6 | $34,590 | $69,180 |
7 | $39,010 | $78,020 |
8 | $43,430 | $86,860 |
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:
- Azucena at 952-697-1337, aortega@caphennepin.org
- Ruth at 952-697-1329, rtorres@caphennepin.org
Para aplicar o pedir más información sobre FAIM, contacte a:
- Azucena: 952-697-1337, aortega@caphennepin.org
- Ruth: 952-697-1329, rtorres@caphennepin.org