Individual Development Accounts
St. Vincent de Paul participates in the Valley Individual Development Account (VIDA) Program, a statewide coalition that helps low to moderate income households achieve major life and financial goals through matched savings, training, and support. Since 2002, 47 savers have graduated from this program, successfully saving and using their savings and match for a specific goal. Thirteen of those completed the program in 2011.
In the Matched Savings Program, VIDA provides an opportunity for households to build or acquire one of the following assets:
- Post-secondary education
- Home ownership
- Home repair and rehab
- Specialized training, adaptive equipment, or technology
During the savings period of 6 to 36 months, the IDA Specialist coaches the participants, addressing barriers, strengthening money handling skills, and helping them prepare for achieving their goals.
“The IDA Program has given me the miracle of believing in myself again and for that I say thank you.” – Aleta, VIDA participant