Tammy Neale

The Board of Commissioners discussed and approved final rankings for the 9% low-income housing tax credit program and the state Housing Opportunity Tax Credit program. Additionally, the Board authorized the commencement of the public process for amending the Qualified Allocation Plan. Informational reports were presented regarding federal and state housing activities, the Department of Housing and Community Development, and the Fiscal Year 2026 accomplishments. The Board also reviewed and adopted the Fiscal Year 2027 operating budget, received reports from the Finance, Executive, and Audit Committees, and discussed financial performance metrics.

This Qualified Allocation Plan (QAP) outlines the framework for the Virginia Housing Development Authority to govern the distribution, reservation, and allocation of federal low-income housing tax credits. The plan details application procedures, scoring criteria, and eligibility for various housing pools, including Nonprofit, Accessible and Supportive Housing, and Preservation. It also establishes requirements for compliance monitoring and long-term affordability for housing developments across the Commonwealth of Virginia, aiming to meet the housing needs of low-income persons and families.

The committee convened in a closed session to discuss and consider the compensation of specific public officers. During this session, the group reviewed a performance-based compensation pool for staff. Subsequently, the committee approved a recommendation to the Finance Committee regarding a performance-based compensation pool consisting of a 4% merit increase and a 5% year-end bonus for the 2026 fiscal year.

The committee held a briefing on the proposed FY27 budget, which includes considerations for a performance-based compensation pool. The committee noted that these compensation amounts will be reviewed by the Executive Committee prior to a future recommendation to the full Board.

The meeting included an informational report from the Chief Executive Officer regarding policy decisions, federal and state legislative activities, board appointments, and updates on housing developments and community programs. Discussions focused on the Resources Enabling Affordable Community Housing (REACH) program, strategic metrics for Opportunity 2025, and regional housing challenges in Southwest Virginia. The board also received updates on tax credit competitions, Qualified Allocation Plan amendments, and a comprehensive review of financial statements and bond issuance plans.