The Family Assets for Independence in Minnesota (FAIM) Program is an Individual Development Account (IDAs) project to help Minnesotans build assets through

• purchase of a first home

• pursuit of a higher education at an accredited public post secondary institution

• or capitalization of a small business 

This is accomplished by FAIM participants placing up to $40 monthly savings from their earned income into Individual Development Accounts (savings accounts), which will be matched at a rate of $3 for every $1 saved upon completion of asset contracts.

FAIM funding is appropriated through state and federal legislation, and by contributions from both public and private funds.  FAIM is part of a national initiative to promote Individual Development Accounts (IDAs).  Unlike other subsidized savings accounts such as Individual Retirement Accounts (IRAs) or 401(k) plans', Individual Development Account (IDAs)

• Target the working poor
• Provide subsidies through matches
• Require accountholders to attend financial education classes and asset specific training

FAIM assists people in changing spending and savings behavior, including debt reduction and if necessary credit repair.  Participants are required to complete a minimum of 12 hours of financial management classes and an additional 10 hours of asset-specific training.

Eligibility for FAIM

Participants must:

• Be at least 18 years of age
• Have earned income at the time of enrollment
• Be a resident of Minnesota at time of participation in FAIM
• Have assets of $10,000 or less
• Deposit savings from earned income
• Have combined income at or below 200% of poverty