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Virginia Housing finance committee reviews FY27 budget with proposed merit and bonus pools
Summary
Virginia Housing’s Finance Committee met May 28, 2026, and heard a presentation on the proposed FY27 budget that includes a requested 4% merit pool and a 5% performance-based bonus pool; the Executive Committee will review those compensation requests June 3 and the Finance Committee will act June 17.
The Finance Committee of the Board of Commissioners of the Virginia Housing Development Authority met virtually on May 28, 2026, to review the proposed fiscal year 2027 budget. David Henderson, Managing Director of Finance and Administration, delivered the budget briefing and outlined the general framework of the proposal; Chair David Richardson said the presentation included a request for a 4% merit pool and a 5% performance-based bonus pool.
The budget matters because compensation pools and other line items in the FY27 proposal will affect staff pay and operating plans for the agency that issues and administers affordable housing finance programs in Virginia. The committee was briefed on a timeline for review: the Executive Committee will consider the merit and bonus amounts at its June 3, 2026 meeting and return a formal recommendation to the Finance Committee; the Finance Committee is scheduled to consider a motion on June 17, 2026 to recommend the FY27 budget to the full Board of Commissioners.
The special meeting was called to order by Chair David Richardson at approximately 9:35 AM. Fred W. Bryant, Chief Counsel, announced that the meeting was a non-emergency, all-virtual session under Virginia Housing’s Amended and Restated Policy Governing All-Virtual Public Board Meetings dated September 10, 2025. Tammy Neale, Chief Executive Officer, welcomed newly seated Commissioner Nathan Shultz, and Commissioner Shultz described his background in the affordable housing field.
On a motion duly made and seconded, the Committee approved the minutes of the Committee meeting held on February 25, 2026, "in the form contained in Board papers," by the affirmative vote of the Committee members present. The Committee members listed as present in the minutes were David Richardson (Chair), Sarah B. Stedfast, Matthew Fields, Dare Ruffin and Donald E. Scoggins; the minutes record that the affirmative vote of Committee members present carried the motion.
No formal vote on the FY27 budget was taken at the May 28 meeting. Mr. Richardson and staff described the procedural steps for adoption: the Executive Committee will review the proposed merit and bonus pools on June 3, and the Finance Committee will receive the Executive Committee’s recommendation and consider a motion on June 17 to forward a recommended FY27 budget to the full Board. There was no additional substantive debate recorded in the minutes. The meeting was adjourned at approximately 10:28 AM.
Next steps: the Executive Committee meeting on June 3, 2026, and the Finance Committee meeting on June 17, 2026, where a motion to recommend the FY27 budget to the full Board is expected to be requested.
