You’ve got to spend money to make money.

That’s why the Housing Trust Fund Board is asking the Lawrence City Commission tonight for permission to solicit affordable housing projects, to be paid for with interest from the fund’s $500,000 endowment.

Officials say such projects will give the board a track record of accomplishment that might attract more funding.

“People want to know how you’re doing what you’ve done and that you can administer the money,” board chairman Ed Tato said.

The fund was created last year with the money left over from construction of the city’s new Indoor Aquatic Center. Board members started meeting in September with two mandates: Grow that pile of money, and use it to create affordable housing opportunities.

So far, the fund has grown by $66,000 in accrued interest. The board hasn’t decided how to raise more cash, but talk has included development fees, state and federal funding, and private foundation grants as possible sources.

“It’s a difficult and slow process,” Tato said.

Board members also hope that soliciting projects will show them possible uses for the money.

“They hear reports that the need is there,” said Margene Swarts, the city’s community development manager. “They just want to see what kind of activities people have in mind.”

Tato agreed.

“I think there’s a need for more affordable units to go into this city,” he said. “How this happens, there could be a lot of different answers to that.”

Those answers could include new construction, rehabilitation of old housing and efforts to create transitional housing for homeless residents. Tato said that for best results, public money from the fund will be used in combination with private investments.

“We won’t know what types of results we’ll get until we see proposals,” he said.

The commission meets at 6:35 p.m. in City Hall, Sixth and Massachusetts streets.