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TANF Transmittal 78

901.15 TANF MANUAL 7/24 Page 16a

6. review and approve the participant’s paperwork and assist in submitting the required documentation to VDSS to complete the asset purchase.

D. The RISE Program applicant will be notified by VDSS or the community action agency of their acceptance or denial in the RISE Program. If accepted, the participant, hereby known as the Saver, will be required to work with a local Intermediary as identified by the local agency ESW. While working with the Intermediary, the Saver will be required to:

1. Meet monthly with the Intermediary;

2. Open a new savings account (in the RISE saver’s name) with an initial deposit of $25 (money order);

a) Deposit a minimum of $25 per month b) Set up direct deposit with their employer

3. Complete at least eight hours of Financial Management training;

4. Complete at least six hours of training related to the asset goal; and,

5. Participate in the RISE program at least six months before requesting withdrawal of match funds to make an asset-specific purchase.

E. Savings accounts opened for the purpose of saving to participate in the RISE program should only contain the saver’s deposit of earned income. With the exception of tax refunds, no other funds should be deposited in the account. While participating in the RISE program, savers should not withdraw money from the savings account without an approval from the Intermediary. Note: Savers who withdraw funds from their savings accounts outside of the prescribed asset withdrawal process will be terminated from the RISE program.

Upon the Saver’s request to make their asset purchase and receive the RISE match funds, the Intermediary will ensure the Saver has met all withdrawal criteria, notify VDSS of the Saver’s intent and assist the saver in completing and submitting the required asset-specific backup documentation to the VDSS.

F. The Saver never has direct access to the match funds. In a 24- month period, the maximum savings amount deposited by the Saver that will be matched is $500 with a maximum TANF match vendor payment of $4,000. The maximum TANF match payment paid to a qualified vendor will be eight times the amount the Saver has deposited into the RISE account, accordingly, reflecting the $8 to $1 match.

Example 1: Over 10 months, the Saver deposits a total of $300 into a new savings account to participate in the RISE program. His match total is $2,400 and all of the RISE program requirements are met, the intermediary will remit payment to the vendor in the amount of $2,400.