Memphis Public Housing Residents
Purchase Homes of Their Own

Robert Lipscomb, Executive Director of the Memphis Housing Authority, and Yvonne Leander, HUD Memphis Field Office Director (far right) congratulate Tammie Davis (center left) and Martha Brown (center right) on achieving their goal of homeownership.

When Tammie Davis and her classmate Martha Brown set goals for themselves, they meant business. In October of 2000, Tammie set her sights on leaving her apartment in Foote Homes for a home for herself and her two teenaged children. Across town, Martha Brown made a similar vow to leave her Section 8 rental home and purchase her own as soon as she saved enough for a down payment. In late June, both will leave public housing and become first-time homeowners.

Their plans for homeownership were helped along by the RISE Foundation, a non-profit organization whose mission is to assist Memphis public housing residents in reaching financial self-sufficiency. RISE offers public housing residents the opportunity to save for an asset such as homeownership, higher education or starting a new business. In exchange for a commitment from the residents to complete a six-week financial literacy curriculum, they open a special savings account and begin putting money aside each month to be matched by the RISE Foundation. The program is called Save Up.

Tammie and Martha started saving just two years ago. They met at an orientation session hosted by RISE at Cleaborn Homes in September of 2000. Through the Save Up program both learned how to budget and manage their incomes so that they could afford to save. Tammy saved the maximum amount-$75.00 per month, never missing a month, and Martha regularly saved an average of $40.00 per month. Both participated in HUD's Family Self-Sufficiency program and both began shopping for a three-bedroom, two-bath home in April.

In May, both called the RISE Foundation within hours of each other to say they had just learned their contract offers-one in Southeast Memphis and one in North Memphis--had been signed. Both mentioned the extra bargaining power they were able to exert because they had graduated from homeownership counseling classes and been pre-approved for mortgages-factors that often slow the homebuying process for less savvy first-time buyers.

Tammie readily acknowledges the importance of learning how to budget and save in the financial literacy classes offered by RISE. She has plans to continue to save after she purchases her home. "RISE is there to help you every step of the way. I am happy knowing I'm providing a better life for myself and my children, and I am so excited about it!"

Martha believes the can-do attitude shared by the savers is a major reason she has been successful. "We encourage each other to save through thick and thin. That support helped me stay on course, even when my income took a seasonal dip."