FAIM Program

FAIM Program: Family Assets For Independence In Minnesota

What is FAIM?

FAIM is a matched savings project that assists low-wage workers at or below 200% of poverty to build assets. Participants save earned income each month that is matched at a 3:1 ratio by the public and private sector. FAIM is known also as Individual Development Accounts (IDAs).

How Can the Funds be Used?

FAIM helps participants:

  • Purchase a home
  • Pursue a higher education
  • Begin or enhance a small business

Participants will save earned income each month. The maximum savings per month is $40 for two (2) years. Once families reach their savings goals, matched funds will be added and the monies can be used.  The application can be found here: Family Assets for Independence in Minnesota (FAIM) Application

Purpose of FAIM

FAIM helps people change spending and savings behaviors, including consumer debt reduction. Participants complete a comprehensive 22-hour Financial Strategies for Success course. The course includes Economic Literacy (12 hours), plus 10 hours in one of Homestretch, Micro-enterprise, and Higher Education tracts, depending on the use of the savings.

Income Guidelines for FAIM

FAIM 2017 Poverty Guidelines Chart
Persons in Family/Household100% Poverty GuidelineFAIM Guideline (200%)
1$12,060$24,120
2$16,240$32,480
3$20,420$40,840
4$24,600$49,200
5$28,780$57,560
6$32,960$65,920
7$37,140$74,280
8$41,320$82,640
9$45,500$91,000
10$49,680$99,360
For families/households with more than 8 persons, add $4,180 for 100% and $8,360 for FAIM for each additional person.

Upcoming Classes

Home Stretch Homebuyer Education Workshops

DATESITETIMEREGISTRATION
Anticipated Dates:
January 9 & 11, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
March 6 & 8 , 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
April 10 & 12, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
May 15 & 17, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
June 12 & 14, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
July 10 & 12, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
August 14 & 16, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323
Anticipated Dates:
September 18 & 20, 2018
Douglas County Extension, Alexandria6-10 pmGrant County Extension, 218.685.8323

Financial Literacy Classes – TBD

 

The History of FAIM

The 1998 Minnesota Legislature enacted FAIM as a four (4)-year pilot project. President Clinton signed the Assets for Independence Act in October 1998, which funded a four (4)-year federal demonstration pilot project. Both laws were passed with bipartisan support. The pilot project began on January 1, 2000 and operated through December 31, 2003.

Funds invested in FAIM leverage public and private dollars. Governor Tim Pawlenty signed legislation to appropriate $500,000 in State funding. The FAIM Collaborative has received $1,000,000 in federal funds. The McKnight Foundation has committed funding state-wide for financial coaching.

FAIM Funding Sources

FAIM is administered by West Central Minnesota Communities Action, Inc., serving the five (5) counties of Douglas, Grant, Pope, Stevens and Traverse, and is funded by federal and state monies, The West Central Minnesota Initiative Fund, and The McKnight Foundation.

For additional information on the FAIM Program contact Catie LeMay, 320-304-3458 or leave a message for Catie on our toll-free number:  800-492-4805, Ext. 3 or email: catiel@wcmca.org