Page 27

304.6 TANF Manual 7/24 Page 9

304.6 REACHING INDEPENDENCE THROUGH SAVINGS AND EDUCATION (RISE) - The 2021 General Assembly appropriated funds for the implementation of an individual development account (IDA)* program. RISE is a match savings program administered by the Virginia Department of Social Services (VDSS) and is designed to support TANF recipients’ purchase of a qualified asset for the purposes of home ownership, transportation acquisition, pursue post-secondary education, small business ownership, or to achieve self-sufficiency through matched savings and training. TANF will provide $8 for every $1 saved by the participant to purchase a qualified asset.

To be eligible to participate in the RISE program, the TANF recipient must be part of the TANF assistance unit, employed, part-time, full-time or self-employed, and must complete financial and asset specific trainings. Additionally, the participant shall work with an approved intermediary who will review program requirements, work with the participant in establishing a savings goal, and assist in establishing and monitoring the saver’s bank account. Once the participant meets their savings goal and complete the RISE program requirements, the RISE match payment will be sent to the vendor associated with the RISE saver’s asset goal.

*Appropriations Act of 2021

TANF Transmittal 78

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Page 27

Official source

304.6 TANF Manual 7/24 Page 9

304.6 REACHING INDEPENDENCE THROUGH SAVINGS AND EDUCATION (RISE) - The 2021 General Assembly appropriated funds for the implementation of an individual development account (IDA)* program. RISE is a match savings program administered by the Virginia Department of Social Services (VDSS) and is designed to support TANF recipients’ purchase of a qualified asset for the purposes of home ownership, transportation acquisition, pursue post-secondary education, small business ownership, or to achieve self-sufficiency through matched savings and training. TANF will provide $8 for every $1 saved by the participant to purchase a qualified asset.

To be eligible to participate in the RISE program, the TANF recipient must be part of the TANF assistance unit, employed, part-time, full-time or self-employed, and must complete financial and asset specific trainings. Additionally, the participant shall work with an approved intermediary who will review program requirements, work with the participant in establishing a savings goal, and assist in establishing and monitoring the saver’s bank account. Once the participant meets their savings goal and complete the RISE program requirements, the RISE match payment will be sent to the vendor associated with the RISE saver’s asset goal.

*Appropriations Act of 2021

TANF Transmittal 78