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Regional housing trust fund pitches leveraged investments; Pulaski project already funded
Summary
Jennifer Wilsey of the New River Valley Regional Commission described a regional housing trust fund model that pooled a $2 million VHDA grant pilot and awarded $850,000 to the Claremont School redevelopment in Pulaski; the plan asks for per‑capita local contributions and outreach to non‑government partners.
Jennifer Wilsey, director of housing for the New River Valley Regional Commission, asked the council to consider participating in a regional housing trust fund intended to pool local, private and institutional dollars to preserve and produce affordable housing across the region.
Wilsey described a pilot funded by a $2 million Virginia Housing (VHDA) grant that enabled the commission to issue awards without local dollars and, as a result, the pilot supported about 106 new units regionwide. "The first of which is in the town of Pulaski and is under construction as we speak — the redevelopment of the old Claremont School," she said, adding that the pilot allocated $850,000 of New River Valley Housing Fund dollars to that Pulaski project.
Under the proposed model, localities would contribute a per‑capita amount on a five‑year rotation so each jurisdiction receives its turn to draw a share; Wilsey said initial modeling showed Pulaski’s local contribution would be modest relative to the leverage produced by private and institutional partners. She emphasized that the regional fund retains local decision-making: "We would retain individual locality choice ... so that localities could still choose how they would use their funds and where they would like to use it."
Council questions focused on scheduling and allocation: Wilsey explained the rotation schedule and said localities can swap turns when one locality is not ready, and that Pulaski could allocate its share across multiple projects rather than using it on a single development.
Next steps: The commission said it is building governance and oversight (including a proposed 501(c)(3) arm and an oversight board of financial partners) and is seeking additional non‑government partners such as Virginia Tech and Carilion Clinic to boost the fund’s capacity. Councilors did not take a formal vote on local participation during the meeting.
