The Virginia Individual Development Accounts (VIDA)

The Virginia Individual Development Accounts (VIDA) program is a special savings program that helps eligible individuals gain financial literacy skills and build assets. For every dollar the participant saves in a designated account, VIDA will match it with two dollars. The combined savings can be used to:

•  Buy your first house

•  Start a business

•  Save for you or your child's education (vocational training, community college, undergraduate or graduate degrees)

In addition to the 2:1 savings match, participants also receive financial literacy and other training and support. 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.

For individuals accepted into the program, DHCD will open and monitor a VIDA savings account on their behalf at Wachovia Bank or BB&T . The participant will make their deposits at any Wachovia or BB&T branch.

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, individuals must:

•  be a U.S. citizen or legal alien residing within Virginia ;

•  be employed;

•  have a dependent child under the age of 18 living in the household if saving for a business or education;

•  meet income requirements (See Below)

•  save a minimum of $25 per month; and

•  be accepted into the program

Am I Ready?
Current savings accounts are not required, however ideally VIDA participants have established a savings goal for themselves and are willing to save $25 or more per month toward that goal. VIDA savers must be committed to completing financial and asset-specific training to prepare for their asset purchase.

Program participants have two years after their savings account is opened to complete their training and save to meet their asset goal. Participants should realistically review their current goals and commitment level before participating. While the local intermediary will provide moral support and guidance during the process, ultimately it will be the participants' commitment that leads to success.

If you are eligible and committed to saving for your future, contact Financial Stewardship Education Ministry at 804-643-6170 Ext 408 or
e-mail: sem@myspbc.org .

Income Guidelines

In order to be eligible to participate in VIDA, individuals must meet certain income guidelines based on household size. The chart below shows the income levels by household size and are the maximum household income allowed annually and monthly. These figures represent 200 percent of the federal poverty levels, which is published annually. Individuals seeking to participate in VIDA must have household incomes below the annual or monthly amounts listed in this chart based on household size.

Example: A household consisting of two individuals with a total household income of $24,000 per year would be eligible to participate in the VIDA program. However, a household consisting of two individuals with a total household income of $29,000 per year would be ineligible to participate.

This program receives funding from the Department of Housing and Community Development, the Virginia Department of Social Services, Virginia Housing Development Authority, U.S. Department of Health and Human Resources-Office of Community Services' Assets for Independence .

• VIDA Application