Description

DESCRIPTION: Family Assets for Independence in Minnesota (FAIM) (https://minnesotafaim.org) 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.

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