Virginia Housing adopts FY2026 operating budget, includes 9% performance‑based compensation pool

The Virginia Housing Development Authority Board of Commissioners approved the Fiscal Year 2026 operating budget at its June 17 meeting, adopting the resolution contained in the Board materials.

Commissioner David L. Richardson, reporting for the Finance Committee, said the Committee reviewed staff’s budget presentation and recommended adoption of the FY26 budget, which incorporates the Executive Committee’s recommended 9% performance‑based compensation pool to be administered by management. On a motion duly made and seconded, the Board approved the resolution titled "Resolution - Adoption of 2026 Fiscal Year Operating Budget" dated June 17, 2025.

David Henderson, Managing Director of Finance and Administration, provided financial context in the meeting materials and in the meeting: year‑to‑date through April, Virginia Housing had $71.0 million excess revenue over expenses (before GASB adjustments), a year‑to‑date net interest margin of $245.5 million, programmatic expenses about $15.1 million over budget, administrative expenses about $8.2 million under budget, total assets of $12.2 billion, and a total mortgage portfolio of $15.5 billion. The budget vote was approved by the Commissioners present; the minutes record adoption by affirmative vote but do not list an individual roll call for this resolution in the minutes.

Staff will implement the FY26 budget as adopted and manage administration of the performance‑based compensation pool.