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Virginia Housing Executive Committee recommends 4% merit increase and 5% FY26 year-end bonus
Summary
At a June 3 virtual special meeting, the Virginia Housing Development Authority Executive Committee voted to recommend that the Finance Committee consider a performance-based compensation pool consisting of a 4% merit increase and a 5% year-end FY26 bonus; the discussion occurred in closed session under the FOIA personnel exemption.
The Executive Committee of the Virginia Housing Development Authority on June 3 recommended that the Finance Committee consider a performance-based compensation package for staff that would include a 4% merit increase and a 5% year-end FY26 bonus.
Acting Chair Davon Gray called the special meeting to order at approximately 11:30 a.m. and confirmed the session was held virtually via Webex under Virginia Housing’s Amended and Restated Policy Governing All-Virtual Public Board Meetings dated September 10, 2025. The meeting record lists committee members and senior staff as present.
A motion to convene in closed session under Section 2.2-3711.A.1 of the Code of Virginia — the FOIA exemption permitting discussion of personnel matters, including compensation of specific public officers — was made and approved. Chief Counsel Fred Bryant announced for the minutes that the meeting was a non-emergency, all-virtual meeting and that specified staff were to be present for the closed-session discussion.
Lisa Watson, Managing Director of Human Resources, led discussion in closed session regarding a performance-based compensation pool for staff. After the closed-session discussion, Acting Chair Gray declared the meeting back in open session. At Chief Counsel Bryant’s request, each committee member present certified by roll call that only matters identified in the closed-session motion were discussed.
The committee then voted on a motion recommending to the Finance Committee a compensation package comprised of a 4% merit increase and a 5% year-end FY26 bonus. The motion was duly made, seconded and approved by the affirmative vote of the committee members present; the minutes do not list individual vote tallies.
With no further business, the Acting Chair adjourned the meeting at approximately 11:50 a.m. The Finance Committee will receive the Executive Committee’s recommendation for further consideration; the transcript does not specify a date for any Finance Committee action.
