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VIDA Informational Meeting

VIDA Informational Meeting. Virginia Supportive Housing Financial Foundations. What Is an IDA?.

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VIDA Informational Meeting

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  1. VIDA Informational Meeting Virginia Supportive Housing Financial Foundations

  2. What Is an IDA? VIDA (Virginia Individual Development Account) is a Matched Savings Program designed to help low-to-moderate income families get a jump start on saving to provide a foundation for a stable financial future. The program is aimed at developing skills to assist with abandoning the mindset of living from paycheck to paycheck.

  3. How Does it Work? • Participants make a commitment to deposit a minimum of $25/per month into a special VIDA savings account. • VIDA will match your deposits with $2 for every $1 you save (for example, if you save $20, we give you $40). • You can save up to a maximum of $2,000 over a 2 year period, and we will match it with $4,000, giving you a total of $6,000 to put towards your savings goal. • Savings goals must be related to: • Business Ownership • Post-Secondary Education • Homeownership

  4. What’s In it for You? A 200% return on your investment! What savings account or other investment currently gives you that kind of return?

  5. What’s the Catch? There isn’t one!

  6. What Are The Requirements? Meet the Following Income Guidelines:

  7. Eligibility Requirements • Income must be low-to-moderate income (see chart for guidelines) • Have less than $10,000 in personal assets (excludes one car and home) • Have earned income through formal or self-employment • Have six months of stable employment with same employer • Completed our free financial education training • Be able to save a minimum of $25 per month • Save for small business ownership, post-secondary education or job skills training, or homeownership

  8. Does Bad Credit Disqualify You? It doesn’t have to, and we’ll explain. • Depends on your savings goal • We will work with you to try to improve your credit, however, you must be willing to commit to following our advice • It may be advisable for you to wait until certain things are cleared up on your credit, but having bad credit does not automatically disqualify you.

  9. What Could Make Someone Ineligible? • A business that is not practical, ethical or profitable. • Income that is too low to qualify for a mortgage loan. • Recent Bankruptcies (within 2 years) • Credit issues that can’t be resolved within 2 years

  10. When Can You Make A Withdrawal? After six months in the program, and after meeting all other requirements. After completion of asset specific training classes: • Business planning • Educational Entrance Requirements with school/university • Homeownership classes

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