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School board hears pitch to match $100,000 seed for revolving housing loan for families with school-age children
Summary
Presenters asked the Petersburg City Public School Board on May 6 to match a $100,000 city commitment to seed a revolving loan fund that provides 0% loans (up to $4,000) and coaching to families with school-age children; staff said the pilot has helped "over 50" families and requested either a one-time board match or community fundraising to scale the program.
The Petersburg City Public School Board heard a presentation May 6 asking the division to match a $100,000 city commitment to seed a revolving loan program for families with school-age children.
Councilman Meyers and program representatives described a pilot that offers 0% loans up to $4,000 along with mandatory financial coaching designed to move families from unstable housing into apartments and stable homes. "These are folks that would typically be unbankable," program representative Shenica Mlen said, adding that borrowers must agree to monthly coaching and budgeting support.
The presenters said the pilot has assisted "over 50" families and that loans are intended for deposits and first-month rent. Officials described the fund as revolving: when a participant repays a loan, the money goes back into the pool to help another family.
Board members pressed staff on funding sources and eligibility. Dr. Tori Manson, assistant superintendent of student services, said the program works with McKinney-Vento funds and community partners and that eligibility currently requires a child enrolled in the Petersburg system and at least 25 hours of employment per week. "We want them to be employed" she said, explaining the requirement is intended to help families sustain housing once they move in.
Board members discussed whether the school system should provide a one-time $100,000 seed match or pursue joint fundraising with the city, faith groups and private donors. Councilman Meyers said the city already committed $100,000 and asked the board to consider a matching contribution to accelerate the fund’s sustainability. Several board members and attendees suggested running community fundraisers and recruiting donor sponsorships or placing pastors on advisory committees to broaden outreach.
The presentation did not include a formal action item on May 6. Board members directed staff to review the request and provide next steps and funding details at a future meeting, noting the school division’s budget calendar and the city’s existing contribution.
What happens next: Staff will return with follow-up information on eligibility, budget implications and any recommended board action; presenters asked for a one-time seed match to be considered as part of forthcoming budget discussions.
