Three Rivers Community Action, Inc.
Family Assets for Independence in Minnesota (FAIM)
300 11th Ave NW, Ste 110, Rochester, MN, 55901-2739
Distance: 954 Miles
Family Assets for Independence in Minnesota (FAIM) helps working Minnesotans with low incomes increase their savings, build assets and enter the financial mainstream.
By matching family 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 financial match at a rate of $3 matched to every dollar of earned income saved, up to a maximum of $960 of their own savings within two years. Account holders can save up to $3,840 in matched savings for two years.
Savings and matches may be used for one of three asset goals: to purchase a home, to pursue a post-secondary education or to capitalize a small business.
Participants complete financial education classes, as well as asset-specific training.
Licenses and Certifications
- 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 at time of participation in FAIM
* Incomes must fall below 200 percent of the federal poverty guidelines
* Assets must be $10,000 or less
* Account holder savings must come from earned income
Available online or request by mail. Need proof of employment income to enroll.
For additional information on the FAIM Program contact (218) 685-4486 or leave a message on the toll-free number (800) 492-4805.
There is no fee for this service.
8:00am - 4:00pm, Monday - Friday
Olmsted County, but also serves Goodhue, Rice and Wabasha counties
|Toll Free||(800) 277-8418|
Other Services or resources
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".
YB-9000Young Adults Definition
Individuals who are generally between the ages of 18 and 25 depending on the ages that specific programs use for qualification.