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
- 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%)|
These are the maximum guidelines for income- you may earn less and still qualify.
To apply or learn more about FAIM, contact:
- Azucena: 952-697-1337, firstname.lastname@example.org