Asset Building
Are you interested in:
Purchasing your first home?
Post-secondary Education?
Starting or enhancing a small business?
If you answered “Yes!” then Western Community Action’s FAIM (Family Assets for Independence in Minnesota) Program might be right for you!
Here’s how it works! Eligible participants agree to save up to $40 per month in a new savings account for up to 2 years. During that time, the funds that they save are matched 3 to 1! That means that for every $40 a participant saves, an additional $120 is added, so it’s like $160 was saved! Over the course of the 2 years, the participant deposits $960 and receives matching dollars of $2880! This is a total savings of $3840!
The funds can be used for:
Tuition and books
Down payment on your first home
Computers or other equipment needed for school or your small business
Much, much, more!
While we’ve had much success with helping people acquire these assets, we’ve learned that there are some components that are really essential. Because we want people to keep and grow their assets, we do require that participants attend our financial literacy education classes. In addition, depending on what asset a participant is working toward, there is asset specific education required as well. For example, those who are working toward the purchase of their first home would be required to attend the first-time homebuyer (Home Stretch) class.
Slots for this program are limited! So if you are interested in learning more about this program, please contact one of our case managers at Western Community Action!
Participants must have earned income, and their total household income must not exceed 200% of federal poverty guidelines.
