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Economic Development

Posted on: February 13, 2019

Media Advisory

MEDIA ADVISORY

February 13, 2019

Contacts:
Annette Patterson
President, The Advancement Foundation
540-815-6106
annette.taf@gmail.com
www.TheAdvancementFoundation.org

Richard “Pete” Peters
Assistant Town Manager
540-343-1508
rpeters@vintonva.gov 

Vinton to Receive a $200,000 CDBG Grant

The Virginia Department of Housing and Community Development (DHCD) has announced the Town of Vinton and The Advancement Foundation have been awarded a $200,000 Community Development Block Grant (CDBG) to establish a local Virginia Individual Development Accounts (VIDA) program. 

Since 1982, the federally-funded CDBG program has been administered by the Virginia Department of Housing and Community Development (DHCD), and Virginia receives approximately $18.5 million annually for this grant program. The VIDA program is being funded through the CDBG Innovation Program, which supports small-scale, innovative projects that improve the economic health of the community being served.

 “The Community Development Block Grant program is a vital resource for the commonwealth to address needs in our communities that will increase vibrancy and economic success,” said DHCD Director Erik Johnston. “Through the CDBG program, local governments and partners are able to create strong, sustainable communities by improving housing, encouraging business development, addressing infrastructure needs and providing access to sewer and water.”

“The Town is extremely fortunate to have support from DHCD and strong local partners like The Advancement Foundation that help foster an entrepreneurial environment by facilitating programs like VIDA and the Gauntlet Competition”, stated Mayor Brad Grose, Town of Vinton Mayor. “These programs are vital to the health of a small town like Vinton and play a direct role in developing new businesses and financial growth”. 

The VIDA program is designed to provide eligible participants of low to moderate income with matching funds to assist with saving for a down payment on a home or to start a business. Participants must complete an education and training program that will be provided by The Advancement Foundation and the participant must also achieve their own fiscal match through a personal savings account. Successful participants will be eligible for $8 in matching funds for every $1 saved, up to a total of $4,000 per applicant.

The VIDA grant will be available for 3 years and the program will be administered by The Advancement Foundation, with the Town of Vinton acting as the fiscal agent for grant funds received as a reimbursement from DHCD.

Anyone interested in learning more should contact the Advancement Foundation at (540) 815-6106 or annette.taf@gmail.com
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