Virginia Individual Development Account (VIDA)

Download the 2008 VIDA Application

Virginia Individual Development Account (VIDA)
The Virginia Individual Development Accounts (VIDA) program is a special savings program that helps eligible individuals gain financial literacy skills and build assets. For every dollar the participant saves in a designated account, VIDA will match it with two dollars. The combined savings can be used to:

Buy your first house
Start a business
Save for you or your child’s education (vocational training, community college, undergraduate or graduate degrees)
In addition to the 2:1 savings match, participants also receive financial literacy and other training and support. The Virginia Department of Housing and Community Development (DHCD) partners with intermediary organizations, typically nonprofit or governmental agencies located throughout the state, to provide these services. Individuals interested in participating must work with a local intermediary to complete an application.

For individuals accepted into the program, DHCD will open and monitor a VIDA savings account on their behalf at Wachovia Bank or BB&T. The participant will make their deposits at any Wachovia or BB&T branch.

How to become a VIDA saver >> PDF Brochure

There are two questions to answer when considering applying to become a VIDA saver.

Am I Eligible?
The VIDA accounts are available on a first come, first served basis for all eligible, Virginia residents. In order to be eligible, individuals must:

be a U.S. citizen or legal alien residing within Virginia;
be employed;
have a dependent child under the age of 18 living in the household if saving for a business or education;
meet income requirements;
save a minimum of $25 per month; and
be accepted into the program

Am I Ready?

Current savings accounts are not required, however ideally VIDA participants have established a savings goal for themselves and are willing to save $25 or more per month toward that goal. VIDA savers must be committed to completing financial and asset-specific training to prepare for their asset purchase.

Program participants have two years after their savings account is opened to complete their training and save to meet their asset goal. Participants should realistically review their current goals and commitment level before participating. While the local intermediary will provide moral support and guidance during the process, ultimately it will be the participants’ commitment that leads to success.

Contact our VIDA at 434-817-2436


Visit DHCD VIDA Information Page