The Virginia Individual Development Accounts (VIDA) program is for individuals saving for a down payment on a home, business equipment and inventory or post-secondary education tuition payments. Eligible participants receive training, support and $2 in match funds for every $1 the participant saves, up to $4,000 in match.
To become a VIDA saver, call 1-888-VIDA-WIN to find a local VIDA service provider near you. Intermediaries determine eligibility, and then work with enrolled savers to prepare them to achieve their goal of homeownership, post-secondary education or business start-up or expansion.
VIDA receives funding from the Virginia Department of Social Services (VDSS), Virginia Housing Development Authority (VHDA) and the U.S. Department of Health and Human Services – Office of Community Services’ Assets for Independence Grant (AFI).
VIDA has often been used in conjunction with other DHCD programs including Building Entrepreneurial Economies (BEE) to help start a business and Neighborhood Stabilization Program (NSP) to help individuals and families achieve their dream of homeownership.
Eligible saver applicants must:
- Be a U.S. citizen or legal resident and Virginia resident
- Be 18 years old or older
- Meet eligible VIDA Income Guidelines and household net worth limits
- Have earned income from full-time, part-time or self-employment
- Be able to complete the program within six to 24 months
- Center for Social Development
- Community Advantage Program –Self-Help Credit Union
- Corporation for Enterprise Development
- EITC Coalition
- IDA Network
- My Money
- Office of Refugee Resettlement
- Tax Preparation Assistance Sites
- Virginia Jumpstart Coalition
- Virginia Saves
- Mortgage Finance Glossary