It should be. Most mobos are set to auto modes on most settings. The only way to be sure is check the BIOS settings upon boot.
All AMD CPUs support hardware virtualization, except Sempron. So as long as you don't have a Sempron, there should be no reason the board won't have it on by default (but that was up to HP to implement, couldn't find a BIOS PDF on HPs site).
HP Elite HPE-500Y desktop is from computer giant HP and it is gaining interest from all, through its AMD Memory Optimizer Technology. This technology is more effective useful for multithreaded software applications. Here, AMD Virtualization with Rapid Virtualization indexing will act as vital and helps the virtualization software to run more effectively. This process will be supported by the processor’s Hypertransport and AMD’s balance L3 Cache.