VIDA Matched Savings Accounts
Valley Individual Development Accounts triple the savings of program participants by providing matching funds for those who make monthly contributions to an account. This nest egg can add up to as much as $12,000 over three years, with the savings to be used for buying a home, small business startup or expansion, or post-secondary education or job training. This program is subject to continued funding from the State.
How It Works
- The VIDA funds are first made available to FSS participants, then Housing Works’ voucher participants and then to any residents of Deschutes, Jefferson and Crook Counties on a first-come, first-served basis.
- Eligible savers receive a three-to-one match on their savings up to $1,000 each year.
- During the program period (a minimum of six months and up to three years), account holders must attend financial literacy classes to build good financial habits and skills that will help them realize their savings and assets goals and complete other program requirements.
Are You Eligible?
- Household income must be below 80% of the Area Median Income (AMI).
- Household assets must be below $20,000, excluding home, one vehicle and $60,000 in retirement plan.
- Household must have income and demonstrate the ability to save each month.
- Household must demonstrate ability to reach the asset goal within the savings time frame.
Contact Families Forward now to find out more.