Family Assets for Independence in Minnesota (FAIM)
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.
Minnesota Valley Action Council serves clients in our nine county service area. For other counties in Minnesota, please contact West Central Minnesota Communities Action, Inc.
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 is funded by:
Office of Economic Opportunity; Minnesota Department of Human Services.
For more information, contact MVAC or call 507-345-6822