On behalf of Governor Glenn Youngkin and First Lady Suzanne S. Youngkin, the Southside Community Development and Housing Corporation (SCDHC) recently received the Spirit of Virginia Award for their consistent work in creating viable, thriving, and sustainable communities within Central Virginia.
The Spirit of Virginia Award was established in 2022 to salute persons or organizations who are strengthening their communities through catalytic and compassionate elements of spirit. It’s granted six times per year to identify and recognize key contributors across the Commonwealth.
Since 2005, SCDHC has been a partner with the Virginia Individual Development Accounts (VIDA) program, a matched savings and financial education program that’s administered by the Virginia Department of Housing and Community Development (DHCD) to assist low-wage families with purchasing their first home. The organization provides program participants with guidance in goal setting, as well as with financial planning and training, to complete the VIDA program, which matches participants’ savings with $8 for every $1 saved through the program. Participants can earn up to $4,000 in matching funds to use towards their down payment and closing costs. While participants save their money towards their first home purchase, SCDHC provides financial management training, along with homeownership counseling.
The SCDHC is one of the top-tiered VIDA sites in the state. During SCDHC’s participation in the VIDA program, the organization has served more than 152 participants who have saved more than $166,000 and earned more than $271,000 in program matching funds for their down payment and closing costs.
Under the current VIDA grant, SCDHC boasts a 64 percent graduation rate with their graduates securing an average home purchase price of $232,000. Home purchases total more than $3.2 million for the Richmond area, signifying that SCDHC has done a remarkable job creating homeowners and changing lives through the VIDA program.
Congratulations to SCDHC on their well-deserved Spirit of Virginia Award!
Photo Credit: First Lady of Virginia