What is FAIM?
FAIM is part of a national initiative to promote Individual Development Accounts (IDAs), or matched savings accounts. IDAs help low-income families and individuals build and save for assets.
The program helps low-wage earners build assets through purchasing a home, pursuing post-secondary education, or launching a small business. Participants place monthly savings into a family savings account. These savings are matched 3:1 upon completion of their savings plan. Participants complete a minimum of 12 hours of financial management classes and an additional 10 hours of asset-specific classes.
Who is eligible?
- Individuals 18 years of age or older
- Currently living in Ramsey County, Washington County, or the City of Minneapolis
- Have 3 months of earned income of at least $40 a month
- Households with earned income at or below 200% of the federal poverty guidelines
- Less than $10,000 cash in hand, in savings account, interest income of $50.00 per quarter, stocks and bonds, and real estate property outside of one’s home
- No student loans in default
- No IRS tax liens
2017 Income Guidelines
200% of Federal Poverty Level
|* Add $4,180 for each additional person|
For more information or to apply, call 651-603-5880.
For additional information about FAIM in Minnesota, visit http://www.minnesotafaim.com/