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FAMILY ASSETS FOR INDEPENDENCE IN MINNESOTA
Description
FAIM (Family Assets for Independence in Minnesota) helps
low-wage earners build assets through the pursuit of higher education,
launching a small business or purchasing a home.
Eligibility
To be eligible, households must have earned incomes at
or below 200% of poverty and assets of $10,000 or less. Credit reports
run on all participants cannot have any current bankruptcies, tax liens
or defaulted student loans. Participants must be residents of Scott, Carver
or Dakota County.
Participation
FAIM participants earn a match at a rate of $3 for every
$1 they save, up to $40 per month or $480 per year. Other requirements
are attendance at 18 hours of financial literacy classes, 10 hours of
asset specific classes and monthly check-in meetings. Participation in
this program can last for a period of up to two years.
Cost
The FAIM program is provided at no cost to eligible participants.
Contact Information
For more detailed information about the FAIM program, contact
Lisa Bah at 651-322-3544 or Lisa.Bah@capagency.org.