NEW HAVEN — William Howard Taft was not born there; he did not live or even die there. But for a few years, the 27th president did own the house at 111 Whitney Avenue in New Haven, and that association has conferred on the structure a certain historical gravitas.

Now a group of current and former Yale students is betting the building can do the same for the William F. Buckley Jr. Program, which seeks to “expand political discourse on campus and to expose students to often-unvoiced views.” (It is a goal Mr. Buckley himself might have expressed, albeit with more syllables.)

Thanks to $500,000 from a single, unnamed donor, the group will soon move into the William H. Taft Mansion — with a two-year lease and an option to buy — and attempt the transformation from a local undergraduate venture into a conservative policy institute with a presence on the national political landscape....