On Thursday, October 8, 2015, Patrick Bowen presented at the Virginia Housing Credit Conference, sponsored by the Virginia Housing Coalition and held at The Westin in Richmond, Virginia. Additional panelists included Jaynell Pittman-Shaw, Senior Allocation Officer with the Virginia Housing Development Authority, and Corine Sheridan, Vice President, Director of Origination with Boston Capital. The session was moderated by JD Bondurant, the Assistant Director of Low Income Housing Tax Credit Programs at the Virginia Housing Development Authority.
The title of the session was “Virginia’s Market: What’s Hot, What’s Not” and the purpose was to provide an understanding of where markets in Virginia have been and where they are going. Patrick Bowen provided attendees with an overview of the Tax Credit rental housing market in Virginia, as well as in 10 major cities throughout the state. Information presented included an overview of collected Tax Credit rents and vacancy rates of more than 100 LIHTC projects in the state. According to Mr. Bowen, “Based on our research, there aren’t any weak rental markets among the existing LIHTC supply and several markets have vacancy rates below 2.0%.”. Mr. Bowen added, “There are many low-income housing development opportunities in the state. It’s just a matter of finding the right project to fit the market’s needs.” This presentation is available here and in the Research Center at www.bowennational.com.