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Save Up Program
The mission of the RISE Foundation (Responsibility, Initiative, Solutions, Empowerment) is to assist Memphis public housing residents in reaching financial self-sufficiency.
There are about 20,000 Memphians living in public housing. Ninety-eight percent of public housing residents are low-income, African-American women and their children, the majority of which exist on incomes of $7,000 - $12,000 annually. After researching a number of economic initiatives and visiting with resident focus groups, RISE created Save Up. The program is an Individual Development Account initiative of the RISE Foundation designed to help low-income and low-wealth families accumulate a few thousand dollars to invest in high-return investments, such as education or job training, homeownership or micro-enterprise.
RISE, an operating foundation, guarantees a 2:1 match on each individual's savings up to $75 per month. Together with the RISE match, 63 savers have accumulated an aggregate savings total of nearly $70,000 on average annual incomes of $12,000.
Savers are saving an average of 6 percent of their incomes as compared to a 3 percent national average. Five savers have used their savings to purchase homes worth an aggregate of $350,000 and are paying less for their monthly mortgages than they were paying in public housing rent.
The mission of the RISE Foundation (Responsibility, Initiative, Solutions, Empowerment) is to assist Memphis public housing residents in reaching financial self-sufficiency.
There are about 20,000 Memphians living in public housing. Ninety-eight percent of public housing residents are low-income, African-American women and their children, the majority of which exist on incomes of $7,000 - $12,000 annually. After researching a number of economic initiatives and visiting with resident focus groups, RISE created Save Up. The program is an Individual Development Account initiative of the RISE Foundation designed to help low-income and low-wealth families accumulate a few thousand dollars to invest in high-return investments, such as education or job training, homeownership or micro-enterprise.
RISE, an operating foundation, guarantees a 2:1 match on each individual's savings up to $75 per month. Together with the RISE match, 63 savers have accumulated an aggregate savings total of nearly $70,000 on average annual incomes of $12,000.
Savers are saving an average of 6 percent of their incomes as compared to a 3 percent national average. Five savers have used their savings to purchase homes worth an aggregate of $350,000 and are paying less for their monthly mortgages than they were paying in public housing rent.
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• Compare interest rates. Predatory lenders rely on the fact that you won't do your research before signing a contract.
• Contact the Better Business Bureau before loaning money, to make sure the company you're doing business with is reputable. Click here to visit the Midsouth Better Business Bureau website. • Be wary of making quick decisions. Repairs to a car or a home can cause such anxiety that consumers often go with the first offer without considering the financial effects. • Predatory Lending in the News: Memphis Needs Relief From Epidemic of Predatory Lending from The Commercial Appeal |