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Program Overview
The Family Assets for Independence in Minnesota (FAIM) program helps resident Minnesota wage earners build assets through purchase of a first home, pursuit of a higher education at an accredited public post secondary institution, or small business capitalization. FAIM account holders place monthly savings into Bremer Bank or City County Federal Credit Union family asset accounts (savings accounts) that will be matched $3 to $1 upon completion of program requirements.
- Household Incomes must be at or below 200% of federal poverty guidelines in order to qualify for enrollment.
- Account holders save up to $480/year, which is matched at a 3:1 rate ($480 savings matched by $1440 for up to two years. $960 total saved over two years with $2880 match money for a total IDA of $3840)
- All account holders must complete 12 hours of financial management classes and 10 hours of asset specific curriculum (first time home buyer; business development; career development) in order receive match funds.
- Account holders must save a minimum of six months prior to an asset purchase.
- All match funds are provided directly to the closing company, the college or university, companies for purchase of capital equipment.
Each participating FAIM Agency administers a designated number of accounts. The number of accounts available is determined by available federal, state and private foundation funding sources.
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