Family Assets for Independence in Minnesota (FAIM) accounts, also known as Individual Development Accounts (IDAs), enable people to escape poverty and achieve wealth through asset acquisition.
The FAIM program is a matched savings project that helps Minnesota resident low-wage earners build assets in the state through:
- purchase of a first home
- pursuit of a higher education
- launch of a small business
- purchase of a personal vehicle
This is accomplished by the participant depositing $84 or more monthly from their earned income into a Family Asset Account (custodial savings account). The participant has up to 24 months to save (up to $2,000 maximum savings per household in a lifetime). Participant savings may be matched by the program at a rate of 3:1 (up to $6,000 maximum match per household in a lifetime) upon successful completion of their Contract Agreement. If all program and asset requirements are met after completing 6 months and 1 day of enrollment (from first deposit date), the participant may request full payout of savings and match from his/her account to obtain their chosen asset. The client is required to complete final payout and exit the program within 30 months of his/her first deposit date or the end of the grant, whichever comes first.
FAIM Brochure: FAIM Brochure – Updated 4-8-2021
FAIM is funded by:
Office of Community Services; US Department of Health & Human Services – ending spring 2021.
Office of Economic Opportunity; Minnesota Department of Human Services.
FAIM is coordinated statewide by:
West Central Minnesota Communities Action, Inc.
411 Industrial Park Boulevard, Elbow Lake, MN 56531
(218) 685-4486 or Toll Free: 800-492-4805
Kelli Minnerath, Statewide FAIM Director
firstname.lastname@example.org (320) 304-3458
Susan Thoennes, Statewide FAIM Administrative Assistant
email@example.com Direct line: (218) 685-7071