If you work in affordable housing, there’s a good chance that Patrick Sheridan has helped you. He may have directly assisted in solving a complex deal problem, he may have been behind the scenes advocating or crafting an important policy, or he may have shared his expertise by serving on different boards and panels.
In every role he’s held, Sheridan has been a leader for his organization and the larger industry.
For the past 17 years, he’s worked at Volunteers of America (VOA), one of the nation’s most active developers and largest owners of affordable housing with more than 20,000 units. As executive vice president for housing, he’s led the longtime nonprofit in building and preserving thousands of units for vulnerable residents and aiding communities devastated by disaster, including New Orleans after Hurricane Katrina.
It didn’t take Sheridan long to become immersed in the field. He earned a degree in forestry from the University of Michigan, which led to a job with the U.S. Department of Agriculture’s Farmers Home Administration. There, he gained experience on a variety of deals. He might close a loan on a dairy farm one day, a single-family loan the next, and a multifamily housing loan the following day in Michigan.
This early job, which set him up to work for a private-sector development firm, was pivotal.
“By then I had pretty well become a ‘houser,’ someone who wanted to work in multifamily housing development,” Sheridan says.
During his career, he’s also served as director of housing management with the Maryland Community Development Administration at the Maryland Department of Housing and Community Development.
Prior to joining VOA in 2003, Sheridan held another major role—assistant deputy administrator for multifamily housing for USDA’s Rural Housing Service (RHS), where he was responsible for the affordable multifamily housing programs administered by the department.
There, one of his accomplishments was putting into practice the Section 538 multifamily housing guaranteed loan program after being passed into law in the late 1990s. The program has gone on to help finance nearly 63,000 homes across the country.
“We went from authorization of the program to actually having an RFP on the street in roughly 90 days,” Sheridan says. That meant the agency was quickly making commitments to needy projects.
Few have contributed more to the shelter of America’s rural households than Sheridan, says Michael Bodaken, former head of the National Housing Trust for 25 years.
“During his stint at RHS and later in his role at VOA, Pat was instrumental in both devising policies and practices that protect affordable housing resided in by extremely low-income rural Americans,” he says. “Pat’s work literally preserved and produced tens of thousands of affordable apartments for vulnerable rural households.”
“Likewise, Pat’s skill at developing and preserving low-income housing for our nation’s elderly is unmatched,” Bodaken says.
National Developer
More recently, Sheridan has channeled his skills to lead the diverse housing efforts at VOA, which provides homes and services to the nation’s most vulnerable, including frail seniors, veterans who have been homeless, and low-income workers and their families.
The organization’s transformative developments include The Terraces on Tulane, a 200-unit community for seniors that was part of the nonprofit’s pledge to develop affordable housing and help rebuild New Orleans after Hurricane Katrina in 2005.
Sheridan was also key in the award-winning preservation of the 252-unit Lord Tennyson Apartments in Hayward, California. VOA overcame numerous challenges to renovate and maintain the affordability of the apartments in a high-priced housing market.
Not only was Lord Tennyson one of the first projects Sheridan was involved in after arriving at VOA, it required him and his team to roll up their sleeves and craft a creative plan to finance the rehabilitation, adjust the resident income mix, and make it more affordable for the long term.
These developments illustrate the complex and meaningful projects that he’s taken on during his career.
Outside of his official job, Sheridan has been generous, sharing his time and expertise with others in the industry. He’s a popular speaker at conferences and has served on several industry boards, including Stewards of Affordable Housing for the Future and the National Affordable Housing Trust.
His influence cannot be overestimated, says Will Cooper Sr., chairman of WNC, a national low-income housing tax credit syndicator and investment firm. A longtime industry member, Cooper served on the VOA board of directors for more than a decade.
“Pat’s legacy is not reflected solely in the number of affordable housing units he has helped create and preserve, nor the millions of people he has helped house,” he says. “Rather, it is through the people who he has taught, encouraged, and empowered to lead the affordable housing industry forward. His influence is felt throughout our industry, which is now headed by a whole generation of leaders who have benefited, directly and indirectly, by the trailblazing work, mentorship, selflessness, and leadership of Pat Sheridan.”
Outside of his official job, Sheridan has been generous, sharing his time and expertise with others in the industry. He’s a popular speaker at conferences and has served on several industry boards, including Stewards of Affordable Housing for the Future and the National Affordable Housing Trust.
Sheridan retired from VOA at the end of September but remains active in affordable housing. He will continue to consult with the organization as well as other groups.
“I appreciate the ability to make a difference and see the impact that it has on people who need housing,” he says. “At a grand opening, an elderly woman came up to me and thanked me for the new home she moved into and said it was the first place she’s lived in that had running water. That wasn’t more than 10 or 15 years ago. There’s still so much need out there for good, safe, well-built, well-run housing that’s affordable. If anything, it seems there’s more need for it today than ever.”
Sheridan’s wife, Corine, is also prominent in the field. She’s a longtime housing tax credit and finance executive. They have three children and seven grandchildren.
