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Find similar grantsFamily Assets for Independence in Minnesota (FAIM) is sponsored by Mni Sota Fund. A matched savings program assisting low-income residents in building assets for home purchase, education, small business, or vehicle acquisition.
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FAIM PreEnrollment — Mni Sota Fund Pre-Enrollment Screening Tool FAIM enrollment in the current grant will close September 30, 2024 – or before if the program reaches capacity prior to that date. Family Assets for Independence in Minnesota (FAIM) accounts enable program participants to escape poverty and achieve wealth through asset acquisition.
The 30-month maximum enrollment in the matched savings program may assist low-income working Minnesota residents in building personal assets within the state through obtaining one of the following assets: pursuit of post-secondary education start or expansion of a small business purchase of a personal vehicle 529 college savings – new pilot in 2024 emergency savings – new pilot in 2024 – limitations apply To be eligible for FAIM enrollment, applicants must: Be at least 18 years of age.
Be and remain a resident of Minnesota with valid MN driver’s license or MN photo ID card. Have earned income (wages from employment or self-employment). Have total household net assets under $10,000.
Have combined household annual gross income at or below 200% of the current federal poverty guideline. Have the ability to reach their saving goal within 24 months or less. Have the ability to purchase their chosen asset within 30 months or less .
Other limitations/restrictions or requirements may apply.
According to the current listing, eligibility includes: Minnesota residents aged 18+, with household income at or below 200% of federal poverty guidelines, and net assets under $10,000. Confirm the full requirements in the official notice before applying.
The current listing shows up to $12,000 match per household lifetime. Verify award ceilings, matching requirements, and allowable costs in the official notice.
Family Assets for Independence in Minnesota (FAIM) is funded by Mni Sota Fund. Verify program details on the funder's official page before applying.
This opportunity targets applicants in Minnesota. If your organization operates elsewhere, check the official notice for location requirements.
Start from the official opportunity page linked in this listing — it carries the sponsor's submission instructions.