2018 Annual Report
“Repose, cheerfulness, simplicity, breadth, warmth, quietness in a storm, economy of upkeep, evidence of protection, harmony with surroundings, absence of dark passages, evenness of temperature…rich and poor alike will appreciate these qualities.” – CFA Voysey, 1909
Table of Contents Letter From Isabel.............. Pg. 4
Financial Overview............ Pg. 14
Donor List.............................Pg. 6
Board Info............................ Pg. 17
Year In Review..................... Pg. 8
What’s Next......................... Pg. 18
Annual Projects...................Pg. 10
OUR MISSION is to create and assist in development projects with a focus on historic preservation of architectural resources. Our projects are intended to both address the needs of limited income families and to strengthen the community by reducing blight and vacancy.
Together we raised
$82,973 in individual and corporate donor contributions
Together we earned
$29,600 in government and foundation grants as well as
$55,036 We opened the doors to two families at the Patterson project
in development, management and construction fees
Dear supporters and friends, Looking back at 2018, I feel amazed at the growth our organization experienced in that fast and frenzied year. The beginning of 2018 found us in the midst of change. Construction on our second affordable housing rehab project was wrapping up; our new Development Coordinator, Maribeth Mills, was settling in; and I had a new baby girl at home. But by Spring, the momentum of running a nonprofit was back in full swing and we found ourselves busier than ever. 4
2018 Annual Report
Our second project at 1018 Patterson, a two-unit turnof-the-century four square house in the West End, was completed in late Spring and fully leased up to two families shortly thereafter (we are thrilled to say that both families are still happily living there). At the same time as Patterson was wrapping up, we were frantically working to begin construction on Villa Heights, our first Community Impact Project, which creates affordable rental options for nonprofit organizations seeking to expand services in low to moderate income neighborhoods. After ten years of vacancy and a fire in 2011, Villa Heights proved to be the most extensive rehab that our organization has ever undertaken. We were lucky to secure Community Development Block Grant Funding from the City of Roanoke in the Spring of 2018 and we used that in conjunction with Historic Tax Credits to off-set the extreme costs of the restoration. In late Summer of 2018, we hosted our first annual fundraising event, the PreServe Luncheon – Preserving History, Serving Community. Our magnetic keynote speaker, Nelson Harris, shared stories of Villa Heights’ fascinating past and hopes for its vibrant future. It was a wonderful event and we were so appreciative of the outpouring of recognition and appreciation from all those who attended.
Late summer also saw us take ownership of our fourth house, a circa 1893 home built by one of Roanoke’s earliest mayors and located in the newly nominated Belmont Historic District in Southeast Roanoke. This project will begin construction in the Fall of 2019 and will ultimately serve as four Permanent Supportive Housing units for low-income tenants coming out of homelessness. We are partnering with ARCH Services and the Rescue Mission to ensure that our organizations can collectively work to provide safe, affordable housing for our community’s most vulnerable populations. We wrapped up the year with our construction kick-off at Villa Heights, budget and business planning for 2019, a never-ending pile of
grant applications, and a great sigh of relief that we made it through the year under budget while still growing and broadening our community impact. As I reflect on 2018 and the blur of excitement and activity that our organization experienced, I feel an immense amount of gratitude for our community and the reception that has been bestowed upon us continuously along the way. Thank you for being a part of that community and for believing in us and the work that we do. We couldn’t do it without you.
Sincerely,
Isabel Thornton Executive Director
We Couldn’t Have Done It Without You
“Restoration Housing is an advocate of the Roanoke Valley by restoring historic homes and meeting the critical need of affordable housing. The success of any community is demonstrated when nonprofit and private sectors come together to meet the needs of the community.” 6
2018 Annual Report
David Allen, SVP/Regional President for the SW Virginia Region Pinnacle Financial Partners
Individual Donors Zack Agee Tracy Altizer Chris & Jayne Andrews Jeb & Josephine Arbaugh Erin Ashwell & Michael J. Finney Mary Baako Fred Beebe Andy & Gretchen Beedle Scott Berglund Kevin & Kristine Bertholf Bill & Sherise Bestpitch Alison & Andrew Blanton James Bohn Sara Brooks Frank & Meg Carter Kasturi & Janaka Casper Judith Chambers Diana Christopolus Joe Cobb Nick & Alison Conte Laura Conte Rupert Cutler Warner & Barbara Dalhouse Sam & Jeannie Darby Larry & Janice Davidson Ben & Jill Davis Tim Dayton Ruth Doan Frances Durden Michelle Dykstra Paul Economy Whit & Lauren Ellerman Bill & Diane Elliot Kandy Elliot Mark Lynn Ferguson Ray & Mary Ferris
Corporate Donors Tessa Foley Louise Forsyth Will & Karli Griffeth Price & Katie Gutshall Linda Harrison David & Cheryl Hartman Murray & Melissa Hammond Wilbur & Lucy Hazelgrove Barry & Kimberly Henderson Bob Hiltonsmith & Karen Carroll Shirley Holland Susan Honeycutt Rachael Hopkins William & Ann Hopkins Gunther & Hetty Hoyt James Huffman Jim & Lynn Hunt Sara Jamison Scott Jenkins Mary Alison Jorgenson Matt & Jess Joy George Kegley Cary Kelly Nathan & Angela Kerr Billy Kingery Tom & Pam Kirchner A.L. & Susan Knighton Brandon & Caroline LaCroix Tom & Anna Lawson Sherman Lea Whitney Leeson George & Harmon Logan Willis & Ashley Logan Rob & Emily Mangus Andrea Martin Ann Martyn & Frank O’Brien
Sarah McMillan Ed & Sherly McNally Dan & Lissy Merenda Mary Miller Bill Modica Marie Muddiman Pat Oberlin Molly O’Dell Cyrus & Amber Pace JP & Shaleen Powell Charles & Anita Price Paula Prince Coquina Restrepo Harry & Rebecca Rhodes Court & Brooke Rosen Lauren Russo Bill & Beth Rutherfoord Tom & Jeannie Rutherfoord Walton & Molly Rutherfoord Jennifer Sosnowski Bruce & Kathy Stockburger Dan Summerlin Joy Sylvester-Johnson Linda & John Thornton Lucas Thornton Carol Tuning Alan & Kim Turner Edward & Sandra Via Chris & Beth Waller Mary Ann Ward David & MaryAnn Wine Jeffrey Wood Henry Woodward
American Shakespeare Center Bank of America Charitable Foundation Big Lick Brewing Company Black Dog Salvage Blue Blaze Consulting City Dogs Boarding & Playcare Family Chiropractors John M. Oakey, Inc. Funeral Home Lowes Home Improvement Martin’s Downtown Mill Mountain Coffee & Tea Olde Salem Brewing Company Pop’s Ice Cream & Soda Bar Press Press Merch Rescue Mission of Roanoke River Rock Climbing Roanoke Children’s Theatre Roanoke Friends Meeting Roanoke Mountain Adventures Roanoke Natural Foods Co-Op Roanoke Valley Preservation Foundation Sam & Marion Golden Helping Hands Foundation Inc. SunTrust Foundation Taubman Museum of Art The Shabby Farmhouse Girl Townside Gardens Unleashed Dog Bakery & Boutique Varsity Landscaping & Grounds Virginia Housing Development Authority Wasena City Tap Room Wildflour @ Towers Zia Construction
2018 Annual Report
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2018
January
March
May
Villa Heights project awarded two grants from the Beirne Carter Foundation and the Sam and Marion Golden Helping Hand Foundation to help with pre-development costs such as securing the roof.
Through your generosity, we raised $2,442 in 24-hours at Roanoke Valley Gives Day.
The community came together for our 3rd Annual Community Partnership Day at our Patterson house project.
A Year In Review
8
2018 Annual Report
March
April
Villa Heights received State and Federal approval to the National Register of Historic Places and the Virginia Landmarks Register.
We celebrated our second ribbon cutting at 1018 Patterson Avenue.
Project Milestone
Events
News
June
October
November
December
We opened the doors for two families to call 1018 Patterson home!
Executive Director, Isabel Thornton, presented at CityWorks (X)po 2018.
Executive Director, Isabel Thornton, was part of the ‘Preservation and Gentrification Panel’ at the 2018 Virginia Preservation Conference.
Restoration Housing has its fourth project in the works - 326 Dale Avenue! A circa 1890 home that once belonged to one of Roanoke’s earliest mayors Sylvester Seifert.
May
September
October
November
City Council approved $250,000 in Community Development Block Grant funding from the U.S. Department of Housing and Ubran Development for Villa Heights Community Impact Project.
Together we raised more than $12,500 in support of our mission to restore historic homes for the benefit of limited income families at our 2018 PreServe Luncheon!
Restoration Housing kicked off the start of construction on Villa Heights.
Restoration Housing attended the 2018 Virginia Governor’s Housing Conference in Arlington.
2018 Annual Report
9
1018 Patterson Avenue
PROUDLY LEASED TO TWO HAPPY FAMILIES! After years of neglect, Restoration Housing refurbished this turn-of-the-century structure into two, spacious homes. Historic features were preserved throughout, including wood trim, hardwoods, metal roofing, etc.; while adding modern appliances and amenities.
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2018 Annual Report
Before
In 2018 Restoration Housing used historic tax credits and a low interest loan to cover the costs of rehabilitating this historic home including stabilization due to settling, removal of plaster down the historic lath, and installation of all new insultation, plaster, plumbing, mechanical, electrical, and heating/cooling systems. Restoration Housing raised over $40,000 in 2017 for the acquisition of this property.
Acquisition & Rehabilitation Budget
15.4% 50% 34.6%
$40,000 Fundraised Contributions $90,000 in Historic Tax Credits $130,000 Low Interest Loan from Pinnacle Financial Partners
* Project budgets are independent of Restoration Housing for tax credit compliance purposes
After
* Project budgets are independent of Restoration Housing for tax credit compliance purposes
In 2018 We were awarded Community Development Block Grant Funding from the City of Roanoke and Villa Heights was listed on the National Register of Historic Places (which allows us to use Historic Tax Credits), as well as the Virginia Landmarks Register. Construction began a few months later and it’s been an incredible transformation ever since.
29.7%
31.7%
Aquisition & Rehabilitation Budget $15,000 in Pre-Development Grant Funding from Private Foundations $234,000 in Insurance Proceeds from a Fire in 2011 $250,000 in CDBG Funding $290,000 in Historic Tax Credit
1.9% 36.8%
Villa
Heights UNDER CONSTRUCTION! Built circa 1820 by Elijah McClanahan, Villa Heights was in severe disrepair and vacant for years before Restoration Housing took action. Historic and architectural integrity will be restored, as will a sense of pride for a community in need of positive impact and inspiration.
2018 Annual Report
13
Financial Overview
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2018 Annual Report
2018 WAS THE MOST IMPACTFUL YEAR WE’VE EVER HAD. We were very fortunate to have ongoing support provided by a Capacity Building Grant from the Virginia Housing and Development Authority that allowed us to hire a development and fundraising consultant and, ultimately, a part-time staff member devoted entirely to development and event planning. As a result, we saw impactful returns in our fundraising capabilities, in our grant funding, and in our outreach efforts, all of which allowed for increased financial sustainability to our growing organization.
Donor & Corporate Contributions $57,234
25.6%
Real Estate Development Fees $42,950
17.7%
15.3%
3.9%
3.3%
Government & Foundation Grants $29,600 Real Estate Management Fees $6,550
0.1%
3.9%
34.1%
3.3%
Revenue
34.1%
15.3%
Fundraising Events $25,739
Historic Tax Credit Consulting Fees $5,536
17.7%
0.1%
Investments $85 * Does not reflect $21,000 in noncash contributions and $39,862 in previous contributions for acquisitions.
25.6%
Expenses
38.7%
Compensation & Other Salaries & Wages $34,145
0.6%
2.4%
3.3%
% 3.5
38.7%
Consultation Fees $12,975
10.4%
10.2%
9.5%
6.8%
3.5%
3.3%
2.4%
0.6%
Office Rent $9,155
6.8%
14.7%
Accounting Services $8,349
Advertising & Promotion Services $9,013 Due Dilligence $6,000
9.5% Payroll Taxes $3,116
10.2%
Miscellaneous $2,129
10.4%
14.7%
Insurance, Banking & Legal Services $2,923
Taxes, Registration Fees & Information Technology $493
Board Restoration Housing’s Board of Directors is comprised of a dedicated and passionate group of individuals from all across Roanoke’s various economic institutions. They not only share a commitment to affordable housing but also to the transformative effects of reducing blight and vacancy in our historic neighborhoods.
David Allen
Richard Hedley Jr., CPA
Shirley Holland
Nathan Kerr
Daniel Merenda
SVP / Regional President, Pinnacle Financial Partners SW Virginia Region
Partner, Brown Edwards
Vice President of Planning and Community Development, Carilion Clinic
VP & Branch Leader, Scott Insurance Roanoke
President, Council of Community Services
Elizabeth Burgin Waller PLC
Walton Rutherfoord
Isabel Thornton
Lucas Thornton
Carol Tuning
Self-Employed Private Investor
Executive Director, Restoration Housing
Managing Partner of Hist:Re Partners, LLC
Human Services Administrator, City of Roanoke
Partner, Woods Rogers PLC
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What’s Next
EXPANDING OUR FOOTPRINT. 2019 promises to be just as eventful as the previous year with a number of exciting restoration projects in the works. We’ve been busy with ongoing construction on our third project and predevelopment work for our fourth project, not to mention our consultant work, which has added two more National Register nominations to our portfolio.
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2018 Annual Report
Villa Heights Villa Heights is slated for completion by the end of Summer 2019. Once complete, it will house a local nonprofit serving the neighborhood of Northwest Roanoke.
Golden Rule
Oak Hill School
Dale Avenue
Restoration Housing recently completed the National Register nomination for a circa 1902 Italianate commercial building in Belington, WV. Once construction is complete, it will provide affordable housing to the local community.
Our organization also recently completed the National Register nomination for a circa 1926 NeoClassical style school in Oak Hill, West Virginia. This building is also set to become affordable housing once construction is complete.
Restoration Housing’s fourth project is 326 Dale Avenue, a circa 1893 home that once belonged to one of Roanoke’s earliest mayors, Sylvester Seifert. This will be Restoration Housing’s first project in the newly created Belmont Historic District in Southeast Roanoke. 2018 Annual Report
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FOR MORE INFORMATION on Restoration Housing, please contact Executive Director, Isabel Thornton. Tel: 540-797-0819 Email: info@restorationhousing.org www.RestorationHousing.org @RestorationHousing Restoration Housing