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African Career, Education Resources, Inc. (ACER)

Family Assets for Independence in Minnesota (FAIM)

6096 Shingle Creek Pkwy, Brooklyn Center, MN 55430

Eligibility

* Be at least 18 years of age * Have earned income at the time of enrollment to deposit monthly * Be a resident of Minnesota while enrolled/participating in FAIM * Household annual gross incomes must fall below 200% of the current federal poverty guidelines * Household net assets must be $10,000 or less * Able to reach the savings goal within 24 months or less * Ability to purchase the asset within a maximum of 30 months
https://www.acerinc.org

Application process

Contact a local participating agency to be screened for eligibility and to request an application. Need proof of employment income and current address, and valid MN driver's license/ID card to enroll. For additional information on the FAIM Program contact (218) 685-4486 or toll-free (800) 492-4805 and ask for FAIM.

Fees

There is no fee for this service.

Service area

Hennepin County, MN

Other Information

Specialization

Somali Community
Family
Nigerian Community
African American Community
People with low income
Liberian Community
Immigrants
Ethiopian Community

Payment

Free / no cost to eligible clients

Description

Family Assets for Independence in Minnesota (FAIM) is a 30-month program that helps working Minnesotans with low incomes increase their savings, build assets and enter the financial mainstream. By matching a participant's savings as well as providing financial literacy education, asset-specific training and ongoing financial coaching, families are supported and encouraged to acquire assets and increase their financial capability and economic security, in order to leave poverty permanently. Those enrolled in FAIM receive a program match at a rate of $3 to every dollar of earned income deposited into their Individual Development Account (IDA) within 2 years, up to a maximum of $2,000 per household. Account holders may be eligible for a matched payout and their savings of up to $8,000 toward their chosen asset upon successful completion of program requirements. Savings and matches may be used for: First-time home purchase, post-secondary education, emergency savings, 529 college savings, purchase of a personal vehicle or a small business start-up or expansion. Participants are required to complete a minimum enrollment period, financial education classes/coaching, as well as asset-specific training and requirements before requesting payout toward obtaining their chosen asset. FAIM payment is made to a third-party vendor, not the participant.

Last Update

02/02/2026

Providing organization

African Career, Education Resources, Inc. (ACER)

African Career, Education Resources, Inc. (ACER)