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SELF SUFFICIENCY PROGRAM
FAMILY DEVELOPMENT
The Family Development Program strives to assist individuals to become
self-supporting. The main emphasis of Prairie Five’s Family Development Program
is presently advocacy/listening and referrals and budgeting.
FAIM (Family Assets for Independence in Minnesota)
Also known as Individual Development Accounts (IDAs)
This program helps Minnesota low-wage earners build assets through home
purchase, secondary education (for the applicant or an eligible child) or
starting a small business.
Account holders save funds, up to $480 per year, which is matched at a 3:1
rate for two years. Account holders must complete financial management
classes and specific asset building classes in order to receive match funds.
Eligibility:
Must have incomes below 200% of the poverty guidelines in order to qualify for
enrollment in the FAIM program.
Funds are limited to the number an agency agrees to administer.
Income Guidelines:
Household Size
Income
1
$20,420
2
$27,380
3
$34,340
4
$41,300
5
$48,260
6
$55,220
7
$62,180
8
$69,140 |
