Mercy House

Changing the world one family at a time.

VIDA Program

“VIDA (Virginia Individual Development Accounts) is a program administered through the Department of Housing and Community Development in conjunction with the VA Department of Social Services.  It 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 (match amounts cannot exceed $4,000).”

 

 

 

 

The participant must meet income and family size guidelines and be saving for one of three goals (homeownership, entrepreneurship, post-secondary education).  Mercy House’s ASC wrote and was awarded the grant to become an intermediary.  Intermediaries take the applications for individuals, teach the financial literacy classes, and monitor the individuals’ progress in the program.  Savers have 2 years to complete their goal.  Currently Mercy House has 3 enrolled savers; one has completed her goal and is finishing her required courses before beginning to look for a home to purchase.

You Save:

VIDA’s Match:

+

=

2006 Income Limits

You Have:

For more information email Amanda@themercyhouse.org