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1000.30 TANF MANUAL 7/24 PAGE 99

1000.30 REACHING INDEPENDENCE THROUGH EDUCATION AND SAVINGS (RISE)

The Reaching Independence through Savings and Education (RISE) is a match savings program designed to support TANF recipients with saving money to purchase an allowable asset [homeownership, transportation, the pursuit of post-secondary education (participant or child), small business ownership or to achieve self- sufficiency] through matched savings and training.

RISE participation requirements include:

• Must be a current TANF recipient who is part of the TANF assistance unit; • at least 18 years old; • a U.S. citizen, or legal alien; • a Virginia resident; and, • the saver must have earned income from full-time or part-time wages or self-employment.

Note: Both parents in a TANF-UP household are eligible to participate in the program as long as all RISE eligibility requirements are met.

Once enrolled in the RISE program, regardless of the status of the TANF case (approved, closed, suspended), the RISE participant has 24 months from the date of the RISE account establishment to reach the savings goal to purchase an allowable asset. Clients can save up to $500 and earn up to $4,000 of RISE matching funds on those savings, thus an $8 VDSS match for every $1 saved. The Saver is limited to a maximum of $4,000 match payment in a 24 month period. The Saver never has direct access to the match payment funds. The maximum TANF match payment paid to a qualified vendor will be eight times the amount the Saver has deposited into their own savings account to participate in the RISE program. Upon meeting the savings goal, TANF match funds will be paid to a vendor to purchase the qualifying asset.

A. Recruitment of participants into the RISE program will be the responsibility of the VDSS, and the local departments of social services, and approved community action agencies.

1. The ESW will explain the RISE eligibility requirements to all VIEW participants meeting the RISE eligibility criteria and provide the participant with the RISE Brochure. The ESW will provide the participant with the RISE application to complete and return. Upon receipt of the completed, signed and dated RISE application, the ESW shall provide the candidate with the Receipt of Application Submission, complete the RISE Referral Notice from the Local Department of Social Services to the Intermediary, encrypt and email the Candidate Application and RISE Referral Notice to riseida@dss.virginia.gov. The candidate must be informed by the DSS worker that after the Candidate Application has been submitted, the client will be contacted by a representative from the Community Action Agency to schedule the initial appointment and to begin the RISE program discussion.

2. Upon acceptance into the RISE program, the participant, hereby known as the Saver, will be required to work with a local intermediary. The Intermediary will provide the Saver with ongoing program support, guidance, and monitoring of the Saver’s participation. While working with the Intermediary, the Saver will be required to:

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