Arrowhead Economic Opportunity Agency (AEOA)
Family Assets for Independence in Minnesota (FAIM)
118 S 4th Ave E, Rm 4, Ely, MN, 55731
Distance: 1399 Miles
Family Assets for Independence in Minnesota (FAIM) is a 30-month program that helps working Minnesotans with low incomes increase their savings, build assets and enter the financial mainstream.
By matching a participant's savings as well as providing financial literacy education, asset-specific training and ongoing financial coaching, families are supported and encouraged to acquire assets and increase their financial capability and economic security, in order to leave poverty permanently.
Those enrolled in FAIM receive a program match at a rate of $3 to every dollar of earned income deposited into their Individual Development Account (IDA) within 2 years, up to a maximum of $2,000 per household. Account holders may be eligible for a matched payout and their savings of up to $8,000 toward their chosen asset upon successful completion of program requirements.
Savings and matches may be used for one of four asset goals in Minnesota: First-time home purchase, post-secondary education, purchase of a personal vehicle or a small business start-up or expansion.
Participants are required to complete a minimum enrollment period, financial education classes/coaching, as well as asset-specific training and requirements before requesting payout toward obtaining their chosen asset. FAIM payment is made to a third-party vendor, not the participant.
- Community Action Partnership
- Free / no cost to eligible clients
- People with low income
* Be at least 18 years of age
* Have earned income at the time of enrollment
* Be a resident of Minnesota while enrolled/participating in FAIM
* Be a United States citizen, or eligible non-citizen
* Household annual gross incomes must fall below 200% of the current federal poverty guidelines
* Household net assets must be $10,000 or less
* Account holder savings must come from the participant's earned income (wages/employment)
* Ability to purchase the asset within a maximum of 30 months
Serving Cook, Lake, and St. Louis counties
Contact a local participating agency to be screened for eligibility and to request an application. Need proof of employment income and current address, and valid MN driver's license/ID card to enroll.
For additional information on the FAIM Program contact (218) 685-4486 or toll-free (800) 492-4805 and ask for FAIM.
There is no fee for this service.
St. Louis County
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Taxonomy Terms Used: Clicking a taxonomy term from the list below launches a new search.
TB-0700.2100-330Individual Development Accounts Definition
Organizations that provide access to an asset building tool that is designed to enable low-income families to save towards a targeted amount, usually used for building assets in the form of home ownership, post-secondary education and small business ownership. States are authorized by the Personal Responsibility and Work Opportunity Reconciliation Act of 1996 to create community-based IDA programs with TANF block grant funds, and to disregard all money saved in IDAs when determining eligibility for means tested government assistance. Although the program requirements vary from state to state, most are offered through a collaboration of organizations in a community including nonprofit organizations which recruit participants and provide financial planning services, banks or credit unions which provide matching funds (usually one or two dollars for every dollar saved), and foundations, state or federal government which provide financial support for the matching funds. The latter are also known as "matched savings accounts".