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TANF Transmittal 78 *Appropriations Act of 2021

901.15 TANF MANUAL 7/24 Page 16

901.15 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’ purchases of a qualified assets for the purposes of homeownership, transportation acquisition, pursuing post-secondary education, small business ownership, or achieving self- sufficiency through matched savings and training.

TANF will provide $8 for every $1 saved by the participant to purchase an allowable asset (i.e., homeownership, transportation, education, small business ownership, or self-sufficiency). Under the RISE account, the matching funds together with the participant’s savings from their employment are available to purchase one or more of the five asset goals. Once the participant meets their savings goal, TANF match funds will be paid to a vendor to purchase the participant’s qualifying asset.

A. Participant eligibility requirement includes:

• 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, part-time wages, or self- employment

B. Recruitment of participants into the RISE program will be the responsibility of the VDSS, the local departments of social services, and the approved community action agencies serving as intermediaries for the RISE program.

1. During reassessment, the ESW will explain the RISE eligibility requirements to all VIEW participants. The ESW will provide participants who are interested and meet the RISE requirements with the RISE application to complete and return. Upon the ESW receiving the completed RISE application, the ESW will 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. The RISE forms are available in Fusion.

C. An Intermediary is a community action agency, accessible throughout the state, that the VDSS has entered into an agreement with who will provide comprehensive engagement with the RISE participant to increase successful saving and training outcomes. The Intermediary will provide ongoing support and monitoring of all aspects of the Saver’s RISE program participation. VDSS will provide a list of participating intermediaries per locality.

The Intermediary at a minimum will:

1. Conduct monthly appointments with the participant; 2. assist the participant in setting realistic monthly savings goals; 3. monitor monthly savings account balance; 4. identify financial resources; 5. counsel and assist the saver in finding a reputable vendor; and,