VHCDC

Our Goal: $1,000,000

Current Total:

$386,775

Virginia Individual Development Account Program

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The Virginia Individual Development Accounts (VIDA) program helps qualified individuals save for a down payment on a home. Eligible participants 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. VHCDC offers the VIDA program in conjuction with its Home Ownership Assistance Program, where participants must complete twelve (12) hours of housing education and a minimum of two (2) hours of credit and financial counseling, among other requirements. VIDA program enrollees must meet the following additional eligibility requirements.

Eligibility
  • Be a U.S. Citizen and 18 years old or older
  • Be a resident of southeastern Virginia (Gloucester County; Isle of Wight County; James City County; Mathews County; Southampton County; York County; Chesapeake city; Hampton city; Newport News city; Norfolk city; Poquoson city; Portsmouth city; Suffolk city; Virginia Beach city; and Williamsburg city)
  • Verifiable Net Worth Less Than $10,000
  • Meet eligible VIDA Household Income Limits below
  • Verifiable Earned Income (FT, PT, or Self-Employment)
  • Demonstrated Ability to Complete the program in 6 to 24 months
  • Purchase a Home in Virginia


2021 Adjusted Household Income Limits

MSA/Metro FMR
1
2
3
4
5
6
7
8
Hampton Roads
$47,350
$54,100
$60,850
$67,600
$73,050
$78,450
$83,850
$89,250
Franklin City
$37,550
$42,900
$48,250
$53,600
$57,900
$62,200
$66,500
$70,800
Henrico Co * $50,400 $57,600 $64,800 $72,000 $77,800 $83,550 $89,300 $95,050
Isle of Wight Co $47,350 $54,100 $60,850 $67,600 $73,050 $78,450 $83,850 $89,250
Petersburg * $50,400 $57,600 $64,800 $72,000 $77,800 $83,550 $89,300 $95,050
Richmond * $50,400 $57,600 $64,800 $72,000 $77,800 $83,550 $89,300 $95,050
Southampton
$37,000
$42,250
$47,550
$52,800
$57,050
$61,250
$65,500
$69,700

* VHCDC Extended Program Service Area

* * * THIS PROGRAM IS ON-HOLD PENDING STATE (VIRGINIA HOUSING) FUNDING. * * *

Please DO NOT submit an application

Last Updated: December 21, 2021