If you’re a working Minnesotan with a low income, FAIM could help you save money — and then triple it. This is an amazing opportunity to save money toward a home, personal vehicle, business or other expense.
What is FAIM?
FAIM stands for Family Assets for Independence in Minnesota. It’s a program that helps low-income, working Minnesotans save money and build a better future.
Here’s the big deal: for every $1 you save, FAIM adds $3 more. That’s a 3-to-1 match. So if you save $1,000, you could end up with $4,000 total.
The program lasts up to 30 months and is designed to help you reach a big financial goal — like buying a home, going to school, or starting a business.
Who Can Join FAIM?
You may qualify if you:
- Live in Minnesota
- Have a job or are self-employed (you must have earned income from work)
- Have a low household income (income limits apply)
- Are ready to save money toward a specific goal
⚠️ Important
You must be working to qualify. Money from Social Security, unemployment, child support, or cash assistance cannot be used to make deposits — but it does count toward your household income when checking eligibility.
What Can You Use the Money For?
When you join FAIM, you pick one goal to save toward. Your options are:
- Buy your first home in Minnesota
- Buy a vehicle if needed to get to work
- Start or grow a small business in Minnesota
- Pay for college for yourself, your spouse, your child, or a tax dependent
- Save for your young child’s future education through a 529 college savings account
- Emergency savings in some limited situations
How Much Can You Save?
The maximum match per household over a lifetime is $4,000. The program runs a minimum of 6 months and a maximum of 30 months
The goal is that you save from your paycheck. You deposit your savings and FAIM matches it 3-to-1. That means they can put three dollars in for every dollar you save.
You can save more than your monthly goal, but only money from wages or tax credits (like the Earned Income Tax Credit) can be matched
How Does It Work?
Applying for FAIM is fairly straightforward. You will need to provide proof of income, a Minnesota ID, your Social Security number and proof of address.
- Contact a local FAIM partner agency in your county (see below for how to find one)
- Get screened to see if you qualify
- If there’s a waitlist, you may be added — but a spot is not guaranteed
- Once enrolled, you open a special savings account (called an Individual Development Account, or IDA)
- You deposit money from your paycheck each month toward your goal
- You also attend financial training as part of the program
- When you’re ready to use your savings, FAIM adds the match and the money goes directly toward your goal
Some Things You need to Know
- You can only be in one FAIM program at a time
- You can be enrolled in FAIM up to two times in your lifetime
- If you or anyone in your household was previously in FAIM, you must wait at least one year and one day before re-applying
- Your savings are yours, but you can’t take money out without program approval — doing so without permission will end your enrollment and you’ll lose the match
- A one-time emergency withdrawal may be allowed in very specific situations, but the money must be put back within your savings period
- FAIM could affect your other benefits. Check with your caseworker before you apply, especially if you receive SNAP, SSI, MFIP, Medicaid, etc.
Relief Recap
FAIM is one of the most powerful free tools available to working Minnesotans with low incomes. If you’re ready to work toward owning a home, getting an education, buying a car for work, or starting a business — FAIM can help you get there faster by tripling your savings.
It takes commitment, but the reward is real. Take the first step and reach out to a FAIM partner agency today.
