|
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 years. Once families reach their savings goals, matched funds will be added and the monies can be used.
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:
Family Size |
Gross Income |
1 |
$20,420 |
2 |
$27,380 |
3 |
$34,340 |
4 |
$41,300 |
5 |
$48,260 |
6 |
$55,220 |
Add $6,960 for each additional family member. |
Financial Management classes:
The 2008 Class schedule is as follows:
| June 24 & 26, 2008 |
HomeStretch |
Douglas County Extension, Alexandria |
6-10 p.m. |
Catherine Anderson-Barnes/218-685-4820 |
| July 22 & 24, 2008 |
HomeStretch |
Site to be determined |
6-10 p.m. |
Catherine Anderson-Barnes/218-685-4820 |
| August 9 & 16, 2008 |
Financial Management |
WCMCA, Elbow Lake |
9 a.m.-4 p.m. |
Robbie Stier/218-685-4486 or 800-492-4805 Ext. 137 |
| August 19 & 21, 2008 |
HomeStretch |
Douglas County Extension, Alexandria |
6-10 p.m. |
Catherine Anderson-Barnes/218-685-4820 |
| September 23 & 25, 2008 |
HomeStretch |
Douglas County Extension, Alexandria |
6-10 p.m. |
Catherine Anderson-Barnes/218-685-4820 |
IF you would like more information on these classes, please contact Robbie at 1-800-492-4805 Ext. 137 for details.
The History of FAIM:
The 1998 Minnesota Legislature enacted FAIM as a four-year pilot project. President Clinton signed the Assets for Independence Act in October 1998, which funded a four-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 FAIMleverage 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 counties of Douglas, Grant, Pope, Stevens, and Traverse, and is funded by federal and state monies, by The West Central Minnesota Initiative Fund, and The McKnight Foundation.
For additional information contact Catherine at ext. 129 or Kate at ext. 133, phone number 1(218) 685-4486 or toll free 1 (800) 492-4805.
|
