A new opportunity is opening doors for Memphians dreaming of homeownership.
The Federal Home Loan Bank of Cincinnati and United Housing, Inc. have announced an expansion of their Rise Up Program, designed to help first-time, first-generation homebuyers in Memphis and West Tennessee.
Through this expansion, up to $2 million in funding is now available to help local residents purchase their first homes. Qualifying households can receive grants of up to $25,000 to cover down payments, closing costs, or principal reduction assistance—no fees or hidden strings attached.
“This is a unique and important initiative when it comes to increasing access to homeownership and lowering barriers,” said Trudie McClelland of United Housing. “It’s about building generational wealth.”
She notes that while renters might spend $12,000 to $18,000 a year on rent, that same investment could go toward building equity in a home of their own.
Addressing Memphis’ Homeownership Gap
Homeownership in Memphis currently stands 46% below the national average of 65%. The Rise Up Program aims to change that by giving more families a chance to own property and establish long-term financial stability.
Buying a home can be a daunting process—often taking six months or longer—but programs like this can make the path clearer. According to the Memphis Area Association of Realtors, local home sales rose 13% in September compared to last year, with 1,460 total sales—a sign that the market is active, but still challenging for many first-time buyers.
The Importance of Financial Readiness
Before taking the leap, McClelland encourages potential buyers to focus on financial literacy—understanding credit scores, saving habits, and monthly budgets.
“It’s really important to take a look at your credit score, your savings, and your monthly expenses,” she said. “Then sit down with a housing counselor to get a clear understanding of what you can afford and what steps to take next.”
Nationally, the first-time homebuyer market hit a historic low of 24% in 2024, according to the National Association of Realtors—a reflection of high housing costs and growing personal debt.
The Rise Up Program offers a hopeful shift, helping Memphians turn their rent payments into lasting investments and empowering more residents to call Memphis home.
