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?

Participants must be at or below 200% of federal poverty guidelines with assets of $10,000 or below.  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 $35.00 each month totaling $840.00 for the two years.  With the 3:1 match, it would be a total of $3,360.00 to acquire an asset.