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What is it? The Save-Up/Rise Foundation's IDA program is a matched savings program for workers who live in Memphis public housing or use a Section 8 certificate. This benefit is only provided for the purchase of a home, a vehicle, or a computer. What do you get? For every dollar you save, the RISE Foundation will match that dollar with two more dollars up to the maximum amount of $3,000. How long do I get it? You must save for a minimum of 6 months and you can continue to save for up to 2 years or a maximum of $1,000. Matched savings begin once you have saved a minimum of $50 per month for the first 6 months. If you miss a deposit for any reason during this time, you will be removed from the program. |
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