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FAIM FAQ's

(Frequently Asked Questions)

 

What is Family Assets for Independence in Minnesota (FAIM)?

FAIM is a 3:1 matched savings program for low-income wage earners to save for an asset of a house, post-secondary education or to start a small business.

 


 

How do I find out if I am eligible for the FAIM program?

Income eligibility cannot exceed 200% of federal poverty guidelines and assets cannot exceed $10,000.  Participants must have earned income and no tax liens or defaulted student loans. Call 763.783.4747 for specific information on eligibility.

 


 

How long can I save with the FAIM program?

There is a two-year time limit for the program in which the participant saves $40.00 each month totaling $960.00 for the two years.  With the 3:1 match, it would be a total of $3,840.00 to acquire an asset.