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 (Chesapeake, Franklin, Hampton, Isle of Wight, Newport News, Norfolk, Poquoson, Portsmouth, Virginia Beach, York County)
  • 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


2019 Adjusted Household Income Limits

MSA
1
2
3
4
5
6
7
8
Hampton Roads
$44,450
$50,800
$57,150
$63,450
$68,550
$73,650
$78,700
$83,800
Franklin City
$35,300
$40,350
$45,400
$50,400
$54,450
$58,500
$62,500
$66,550

 

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