VALLEY INDIVIDUAL DEVELOPMENT ACCOUNTS

The Valley Individual Development Account (VIDA) program gives low-income families an opportunity to establish special savings accounts that can be used to purchase a home, start a small business, or fund education and job training.

To be eligible for the VIDA program, families must earn 200% or less than the national poverty level or qualify for the Earned Income Tax Credit, and have a net worth of less than $10,000. Every dollar saved during a three-year period is matched 3-to-1, up to a total of $4,000 in matched funds. The savings and matching funds must be accumulated and used within a specified period. In addition, applicants to the program must:

	Demonstrate the ability to save by setting aside funds for three consecutive months
	Save a predetermined amount monthly
	Enroll in a 12-hour financial literacy class that covers basic budgeting and use of credit, as well as financial planning and asset building

Participants receive an average of 10 hours of follow-up training and case management.

For more information about how Willamette Neighborhood Housing Services can help you access the VIDA program, send email to info@w-nhs.org or call us at 541.752.7220.