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

What is 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.

How much assistance does it provide?

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) offers up to $2,000 in assistance.

• Buyer 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.

Do you have to pay it back?

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.

Who qualifies?

RISE Foundation Save Up (Matched-Savings IDA for Homeownership) is open to buyers who will live in the home as their primary residence.

What are the income limits?

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.

What kind of home can it be used for?

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

Where does it apply?

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

How do you apply?

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.

1. 1

   Take a homebuyer education course

   Required by the program, through RISE Foundation financial education; homebuyer education workshop and quarterly Homebuyer Club meetings..

2. 2

   Contact RISE Foundation, Inc. (RISE Memphis) to reserve funds

   Funds are reserved through Enrollment via RISE financial education classes; save $25-$100/month for 6 consecutive months., and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.