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;
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 1(888) VIDA-WIN 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
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.
