VIRGINIA INDIVIDUAL DEVELOPMENT ACCOUNT
- VIDA -
The Advancement Foundation is a local provider for Upcoming regional VIDA Program
The Virginia Individual Development Account (VIDA) program is a financial education and matched savings program to help lower-wage earners save for a down payment on a home or for capital to start or expand a business. The program’s objectives are increasing participants' ability to regularly save money, improving their financial knowledge, and helping them build wealth through asset purchases.
As a VIDA intermediary, The Advancement Foundation determines candidate eligibility and helps prepare enrolled savers to achieve their business or homeownership goals. VIDA savers receive training, support, and match funding on their savings. The current match rate is $8 for every $1 the participant saves, up to $4,000 in match.
VIDA enrollment depends on participant eligibility and funding availability. VIDA has often been used in conjunction with other DHCD programs including the Down Payment Assistance (DPA) program and the Neighborhood Stabilization Program (NSP) to help individuals and families achieve their dream of homeownership. VIDA also receives funding from the Virginia Housing Development Authority (VHDA), which offers home buyer lending programs.
For more information about the VIDA program, please contact VIDA@theadvancementfoundation.org.
For More Information complete the Following
or email us at VIDA@TheAdvancementFoundation.org
