Family Assets for
Independence in Minnesota
(FAIM)

Family Assets for Independence in Minnesota (FAIM)

Home Ownership

Small Business

Education

Lakes & Prairies Community Action Partnership staff will provide additional information to individuals interested in participating in the Individual Development Accounts (IDA) program.

Becki Doty, Case Manager

 218-291-5850

FAIM is a project of Lakes & Prairies Community Action Partnership, Inc.,
Housing/Self-Sufficiency Program, a 501c3 nonprofit corporation

Dale Rollie, Program Director

218-299-7845

Housing/Self-Sufficiency Programs
715 11th Street North, Suite 402, Moorhead, MN 56560

To read more about FAIM, click here.

Building Assets For:

What is FAIM?

The Family Assets for Independence in Minnesota (FAIM) Program is a matched savings project to help Minnesota low-wage earners build assets through;

purchase of a home

pursuit of a higher education

or launching of a small business

This is accomplished by FAIM participants placing up to $40 monthly savings from their earned income into Family Asset Accounts (savings accounts), which will be matched 3-1 upon completion of asset contracts.

Example:

Saving $40/month for 2 years = $  960
Match of 3-1            =  2,880
Total Asset Funds Available = $3,840

FAIM funding is appropriated through state and federal legislation, and by contribution from both public and private funds. FAIM is part of a national initiative to promote Individual Development Accounts (IDAs).

Target the working pour

Provide subsidies through matches rather than through tax breaks

Require accountholders to attend financial education classes

FAIM helps people change spending and savings behavior, including consumer debt reduction. Participants are required to complete a minimum of 12 hours of financial management classes and an additional 10 hours of asset-specific classes.

Participants must:

Be at least 18 years of age

Have earned income to deposit in savings

Be a resident of Minnesota at time of participation in FAIM, but assets can be used, developed, or secured in other states

Have assets of $10,000 or less

Household income must be at or below 200% poverty (see table)

Participants income and assets may increase after entrance into the FAIM program.

Purpose of FAIM?

Eligibility for FAIM?

How to Get Involved

FAIM is offered in Minnesota through a partnership with Community Action Agencies, Women Venture, Mille Lacs Band of Ojibwe, Leech Lake Band of Ojibwe, City County Federal Credit Union and Bremer Banks.