Mission Statement

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

kellim@wcmca.org     (320) 304-3458

Susan Thoennes, Statewide FAIM Administrative Assistant

suet@wcmca.org    Direct line:  (218) 685-7071