Individual Development Accounts (IDAs) are matched savings accounts that help low and moderate income people save towards the purchase of a lifelong asset, such as a home, business or education. IDAs have expanded economic opportunity by creating assets for households of modest means all across the US. In Virginia, the Department of Housing and Community Development manages the official state IDA program.
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 $8 in match funds for every $1 the participant saves, up to $4,000 in match. VIDA 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.
Eligible VIDA 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
To find a VIDA intermediary in your area, click here, or you can now search for them in the SourceLink Virginia Resource Navigator.