VHCDC

Our Goal: $1,000,000

Current Total:

$386,775

Virginia Individual Development Account Program

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
  • Enrolled in the VHCDC Home Ownership Assistance Program
  • Purchase a Home in Virginia


2020 Adjusted Household Income Limits

MSA/Metro FMR
1
2
3
4
5
6
7
8
Hampton Roads
$46,200
$52,800
$59,400
$66,000
$71,300
$76,600
$81,850
$87,150
Franklin City
$37,150
$42,450
$47,750
$53,050
$57,300
$61,550
$65,800
$70,050
Isle of Wight Co $46,200 $52,800 $59,400 $66,000 $71,300 $76,600 $81,850 $87,150
Southampton
$37,150
$42,450
$47,750
$53,050
$57,300
$61,550
$65,800
$70,050

 

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