VCC Stays Informed: Housing 2020 Presentation
Continuing education is essential for any enterprise. VCC conducts team meetings every month to stay current on internal strategies and discuss issues and trends in the fast-moving business of community finance and economic development. Our May meeting featured a presentation by a long-time associate to VCC, Bob Adams. With over 25 years of experience in the community development industry, Bob is an important resource and contributes in a broad range of ways to advance VCC projects toward completion. He brings a detailed understanding of essential process and resources to make things happen whether the goal is a mixed-used rehabilitation on Main Street or a new affordable housing complex.
During the team meeting, Bob presented “Housing 2020: What is Shaping the Future of Housing in Virginia.” This multimedia analysis offered insights into trends and factors that will impact housing decisions for individuals and communities over the next five to ten years or beyond. We share some key findings below:
Housing preferences are changing as “Millenials” and the “Age Wave” (aging Baby Boomers) enter the market. Smaller, greener housing options located in walkable, safe, mixed-use neighborhoods are desirable to both groups.
Renting could possibly become more popular in the future due to challenging financial issues and different lifestyle priorities for Millenials.
Demographic and economic data point to a significant population growth in Virginia’s “crescent,” running from the Northern Virginia-DC areas through Richmond and into the Hampton Roads region.
Environmental sustainability will influence housing and finance industries. The trend away from suburbs to dense urban life supports “green” attitudes while aligning with personal preferences and financial realities.
More details on Bob’s presentation, including some video from four experts interviewed on the topic, can be found at www.housingvirginia.org, Website for Housing Virginia, a broad-based, statewide partnership of public and private organizations and committed individuals who believe that all Virginians should have access to high quality, affordable housing in suitable locations.
About Virginia Community Capital:
With offices in Christiansburg, Richmond, and Springfield, Virginia Community Capital (VCC) is dedicated to the prospect of building wealth for all through our lending, deposits, and advisory services. As a community development financial institution (CDFI), our mission is to offer innovative, flexible financial products designed to support housing and community development ventures, increase jobs, and encourage sustainable communities. In partnership with our for-profit bank, Community Capital Bank of Virginia (CCB), the non-profit VCC offers loan capital broader and more flexible than bank lending in low-to-moderate income communities in underserved geographies and markets. Learn more at vacommunitycapital.org.