Family Assets for Independence in Minnesota (FAIM)

Family Assets for Independence in Minnesota (FAIM) enables 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.,  411 Industrial Park Boulevard, Elbow Lake, MN 56531; (218) 685-4486  or  Toll Free:  800-492-4805

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 or improvement of a small business
• purchase of a personal vehicle

FAIM participants deposit a minimum of$84 monthly of their earned income into a custodial savings account.  The participant has up to 24 months to save up to $4,000 maximum savings per household in a lifetime. Participant savings may be matched by the program at a rate of 3:1 (up to $12,000 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 savings and matching grant are paid directly to the vendor – not the client. 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.

Latest program started in February 2024 and runs through 2026. We are unable to take applications at this time.