FAIM: Family Assets For Independence In Minnesota
About the Program
FAIM is a matched savings project that assists Minnesota low-wage workers at or below 200% of the federal poverty guideline to build assets. Participants save earned income each month that is matched at a 3:1 ratio by the public and private sector. The funds can be used to purchase a home, pursue a higher education or begin or enhance a small business.
FAIM is provided locally by West Central Minnesota Communities Action, Inc., serving the five (5) counties of Douglas, Grant, Pope, Stevens and Traverse.
FAIM participants must:
- Be at least 18 years of age
- Be a Minnesota resident while enrolled in FAIM
- Be a US citizen or eligible noncitizen
- Have earned income to deposit in savings monthly
- Have a household gross annual income below 200% of the poverty guideline (see table)
- Have net assets under $10,000