Prairie Five Community Action Council Inc.  
             

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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

 

 

 

 

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Last modified: 08/03/10