Virginia Department of Housing and Community Development - Virginia Individual Development Account (VIDA)

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Virginia Individual Development Accounts (VIDA) Program
Invest in Your Future

What is special about the VIDA program?

The Virginia Individual Development Accounts (VIDA) program is a special savings account program that triples your savings: 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 a business
Save for you, your child’s, or your spouse’s education (vocational training, community college, undergraduate or graduate degrees)

How can VIDA help me?
In addition to the 2:1 savings match, participants also receive financial literacy training specific to their savings goal, budget training, and help locating and preparing to purchase their asset. The Virginia Department of Housing and Community Development (DHCD) partners with intermediary organizations, typically nonprofit or governmental agencies located throughout the state, to provide these services. Individuals interested in participating must work with a local intermediary to complete an application. Find an intermediary near you.

Once accepted into the program, DHCD will open and monitor a VIDA savings account on the participant’s behalf at Wachovia Bank or BB&T at the saver’s choice. The participant will make their deposits at any Wachovia or BB&T branch.

How can I participate as a VIDA saver? >> PDF Brochure, PDF Brochure (Spanish)
There are two questions to answer when considering applying to become a VIDA saver:

1. Am I Eligible?
The VIDA accounts are available on a first come, first served basis for all eligible, Virginia residents. In order to be eligible, you must:

Be a U.S. citizen or legal alien 18 years of age or older residing within Virginia;
Be employed;
If saving for a business or education, have a dependent child under the age of 18 living in the household with their parent or guardian;
Meet income requirements;
Save a minimum of $25 per month or more; and
Be accepted into the program

2. Am I Ready?
You don’t have to have a current savings account, however ideally VIDA participants have established a savings goal for themselves and are willing to save $25 or more per month toward that goal. You must be committed to completing financial and asset-specific training to prepare for your asset purchase.

You have two years after your savings account is opened to complete training and save to meet your asset goal. You should realistically review your current goals and commitment level before participating. In order to receive the maximum amount of match, $4,000, you must save at least $84 a month for 24 consecutive months or use your tax refund or Earned Income Tax Credit (EITC) refund to grow your savings faster. While the local intermediary will provide moral support and guidance during the process, ultimately it will be your commitment that leads to success.

If you are eligible and committed to saving for your future, contact a VIDA intermediary near you or call DHCD at (804) 371-7030 to find the nearest intermediary. Work with that intermediary to apply to the VIDA program, enroll in the required training, and start saving toward your asset.

Helping your clients invest in their Future >> PDF Brochure
If you have clients, or know someone, who may be interested in the VIDA program you can refer them to an existing VIDA intermediary location. In addition, if you are a government or nonprofit organization and believe the VIDA program can benefit your clients, you can learn about becoming an intermediary by downloading the VIDA Program Design. This document outlines the roles and responsibilities of DHCD, the intermediary, and the saver. If you would like to apply just download and complete the intermediary application, attach the necessary documentation, and forward the package to DHCD.

** Existing intermediaries should ensure you have the latest forms by visiting the Intermediaries Corner.