Individual Development Accounts (VIDA) Program
Invest in Your Future
What is the VIDA program?
The Virginia Individual Development Accounts (VIDA) program encourages saving and improving personal financial management for low-wage individuals. VIDA provides matching funds for individuals saving into a designated account for a specific purpose, such as homeownership, education or business start-up. Matching funds are provided to increase savings and to help individuals build assets more quickly.
VIDA matches $2 for every $1 you save in a VIDA account. Matching funds are limited to $4,000 per participant with a maximum of two participants per household. The combined savings can be used to:
Buy your first house
Start or expand a business
Save for you, your child’s or your spouse’s education (vocational training, community college, undergraduate or graduate degrees)
DHCD, in partnership with the Virginia Housing Development Authority, the Virginia Department of Social Services and the Virginia Community Action Partnership, received a federal Assets for Independence (AFI) grant that will support asset purchases for more than 390 Virginians over the next five years.
If you are interested in being notified when saver enrollment is available, e-mail the following information to VIDA@dhcd.virginia.gov:
your phone number
You will be contacted in April by a local intermediary about enrollment. You may also check back on this website for more information.
Please read the VIDA Program Design to determine if you meet basic eligibility requirements.
Information for current, enrolled VIDA participants:
Monthly Account Statements
If you are currently enrolled in the VIDA program, you should be receiving monthly account statements regarding your VIDA account. If not, contact your intermediary to update your contact information.
Final Purchase Deadlines:
Please remember, you have until your anniversary enrollment date to complete the program, which includes completing your training, saving and then submitting your purchase requests. For those participants enrolled in the program during 2011, you must complete the program by May 1, 2012. If you are not sure of your completion date, please contact your intermediary.
** Existing intermediaries should ensure you have
the latest forms by visiting the Intermediaries