FAIM Matched Savings Account
Updated: Jun 9, 2021
FAIM IDA stands for Family Assets for Independence in Minnesota Individual Development Account. It is a matched savings account program designed to help you build savings to purchase a home or certain other assets.
Savings matches are not "giveaways." You earn savings matches by saving your own hard-earned dollars and taking other steps to prepare for the future.
For every $1 you save, $3 will be added to your designated FAIM account.
We will match every dollar you save with $3 until we’ve provided you with $6,000. That’s the maximum amount we can add to your account.
In the end, you will have the $2,000 you saved on your own, plus the $6,000 matching funds we’ve added, which will give you a grand total of $8,000 to supplement your savings or other resources toward buying a home, car, paying for education, or starting your small business.
There is no risk. If for any reason you are not able to continue saving, you will receive the money you saved and any interest that it earned.
There are strict timelines for this program: you can’t spend your money until 6 months and a day after you enroll in the program, and the money must be spent by certain timelines as well.
We will provide you with guidance and coaching. Plus, you’ll be enrolled in our Common Cents class, which is a requirement for this program. You’ll have help improving your credit, reducing your debt and improving your ability to budget and save your hard earned money. All of our assistance is confidential and tailored to meet your needs.
To participate in the FAIM Matched Savings Account program you must:
Be a Minnesota resident 18 years old or older.
Have earned income (income from a job or self-employment).
Be at or below the total household income limits in the chart below.
Have assets below $10,000 (not including retirement accounts, 1 primary vehicle and 1 primary residence).
Income requirements apply. See below:
How to Apply/Online application
To apply and enroll you will need the following items:
A filled out FAIM application, which you can get at Community Action Duluth or download it here, fill it out, and return it.
A copy of your tax return, W2, or 3 months of pay stubs/proof of public benefits.
A copy of a current and valid photo ID
Verification of your current address—only if different from what is listed on your ID.
Fill out your application and drop it off with all of the documents listed above (they are also listed on the cover page of the application). A coach will review your application to make sure you’re eligible and contact you to set up an enrollment appointment.
How to connect
For more information or to get started, please call us at 218.726.1665 or email us at email@example.com.