RISE Foundation Save Up (Matched-Savings IDA for Homeownership)

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) is gift funds for homebuyers in Memphis, Tennessee, administered by RISE Foundation, Inc. (RISE Memphis). RISE Memphis's Save Up is a matched-savings (Individual Development Account) program for low-to-moderate wage earners in Memphis and Shelby County. After completing financial education and saving $25-$100 per month for six consecutive months, RISE matches each dollar saved 2:1, tripling savings up to a combined total of $3,000 that can be used to purchase a home. Homeownership-track participants must complete a homebuyer education workshop and attend quarterly Homebuyer Club meetings. 2:1 match on savings. Combined savings up to $3,000 toward home purchase. Free financial and homebuyer education. Builds credit and savings discipline. Funding comes from City of Memphis HCD; Women's Foundation for a Greater Memphis; MassMutual Foundation; partner banks; FINRA Investor Education Foundation.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) offers up to $2,000 in assistance. Homebuyer contribution: Save $25-$100 per month for 6 consecutive months (matched 2:1). Amounts are the program's published maximums, not an offer — RISE Foundation, Inc. (RISE Memphis) determines any individual award.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) is structured as a grant, so it is not repaid. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Credit score of 580 or above for the homeownership track. A homebuyer education course is required, through RISE Foundation financial education; homebuyer education workshop and quarterly Homebuyer Club meetings. Residency requirement: Must live in Memphis or Shelby County. Matched-savings/IDA program, not a lender DPA: must enroll, complete RISE education, save $25-$100/month for 6 months; RISE matches 2:1 (combined up to $3,000; matched/gift portion up to $2,000). Eligibility: employed; live in Memphis/Shelby County; 18+ head of household; maintain MHA Section 8 HCV OR EITC-eligible; 580+ credit. Confirm current enrollment/funding.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) sets its income limit as follows: No published AMI percentage limit. Targeted to low-to-moderate wage earners; must be employed and either maintain an MHA Section 8 HCV or be EITC-eligible. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) can be used for Single Family.

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) serves homebuyers purchasing in Memphis, Tennessee.

Applications for RISE Foundation Save Up (Matched-Savings IDA for Homeownership) go through RISE Foundation, Inc. (RISE Memphis), which publishes the current terms and the application steps on its own site. Funds are reserved through Enrollment via RISE financial education classes; save $25-$100/month for 6 consecutive months. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.