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Family Assets for Independence in Minnesota (FAIM) which are Individual Development Accounts (IDAs) enable people to escape poverty and achieve wealth through asset acquisition.
The Family Assets for Independence in Minnesota (FAIM) Program exists to help working poor Minnesotans build assets and long-term economic self-sufficiency. It is believed that the combination of developing assets and increasing income over time will sustain economic self-sufficiency. The mechanism for developing assets (purchase of a home, pursuit of a higher education, establishment of a small business) is matching the savings of accountholders. Eligible accountholders have household income is equal to or less than 200% of the poverty line (as determined by the Office of Management & Budget) or earned income amount described in Section 32 of the IRS code of 1986 (taking into account the size of the household) and assets of $10,000 or less.
The FAIM Program will stimulate economic self-sufficiency and facilitate increased community stabilization by helping accountholders focus on long and short-term financial skills while encouraging savings and asset development. FAIM will empower individuals and strengthen the economic base of Minnesota communities.
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