VHCDC

Our Goal: $1,000,000

Current Total:

$387,176

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 $10 for every $1 the participant saves, up to $10,000 in match. VHCDC offers the VIDA program in conjuction with its Home Ownership Assistance Program, where participants must complete fifteen (15) hours of Housing Counseling and Education (including credit and financial counseling), among other requirements. VHCDC 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 24 months
  • Purchase a Home in Virginia


2024 Adjusted Household Income Limits

MSA/Metro FMR
1
2
3
4
5
6
7
8
Hampton Roads $56,400 $64,450 $72,500 $80,550 $87,000 $93,450 $99,900 $106,350
Franklin City $48,100 $55,000 $61,850 $68,700 $74,200 $79,700 $85,200 $90,700
Henrico County * $61,800 $70,600 $79,450 $88,250 $95,350 $102,400 $109,450 $116,500
Isle of Wight County $56,400 $64,450 $72,500 $80,550 $87,000 $93,450 $99,900 $106,350
Petersburg * $61,800 $70,600 $79,450 $88,250 $95,350 $102,400 $109,450 $116,500
Pittsylvania County $41,100 $46,950 $52,800 $58,650 $63,350 $68,050 $72,750 $77,450
Richmond * $61,800 $70,600 $79,450 $88,250 $95,350 $102,400 $109,450 $116,500
Southampton County* $48,100 $55,000 $61,850 $68,700 $74,200 $79,700 $85,200 $90,700

* VHCDC Extended Program Service Area

 

Last Updated: May 13, 2024