FAIM Program
Pre-Enrollment Screening Tool
FAIM enrollment in the current grant will close September 30, 2024 – or before if the program reaches capacity prior to that date.
Mission Statement
Family Assets for Independence in Minnesota (FAIM) accounts enable program participants to escape poverty and achieve wealth through asset acquisition. The 30-month maximum enrollment in the matched savings program may assist low-income working Minnesota residents in building personal assets within the state through obtaining one of the following assets:
purchase of a first home
pursuit of post-secondary education
start or expansion of a small business
purchase of a personal vehicle
529 college savings – new pilot in 2024
emergency savings – new pilot in 2024 – limitations apply
To be eligible for FAIM enrollment, applicants must:
Be at least 18 years of age.
Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card.
Have earned income (wages from employment or self-employment).
Have total household net assets under $10,000.
Have combined household annual gross income at or below 200% of the current federal poverty guideline.
Have the ability to reach their saving goal within 24 months or less.
Have the ability to purchase their chosen asset within 30 months or less.
Other limitations/restrictions or requirements may apply.
