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VIDA

Virginia Individual Development Accounts

The Virginia Individual Development Accounts (VIDA) program is a special savings program that helps eligible individuals build assets while developing valuable financial skills along the way. For every dollar the participant saves in a designated account, VIDA will match it with two dollars, up to $4000 in match.  So, if you save $2,000, you will earn $4,000 in match for a total of $6,000 to use toward your asset purchase.

VIDA match money 

Also called a "matched savings program", VIDA participants receive financial education and other training and support while they are enrolled in the program. The combined savings can be used to:

  • Buy your first home
  • Start a business
  • Save for your education or your child's education

 

EITC and VIDA

Many Virginia CASH Campaign coalition partners link the EITC with VIDA and provide VIDA information at free tax preparation sites during tax season.  By investing some or all of an Earned Income Tax Credit (EITC) refund in VIDA, a participant can quickly triple the amount of their refund and be on the way to reaching their savings goal. 

To learn more about the matched savings program visit the Virginia Department of Housing and Community Development website.