2021 Annual Report

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2021 Annual Report

Strong, healthy communities that are safe, affordable, and dignified through the reuse and stewardship of our historic, built environment.

Table of Contents Letter From Isabel........................... Donor List.......................................... Year In Review.................................. Annual Projects................................ Pg. 4 Pg. 6 Pg. 8 Pg. 10 Financial Overview......................... Board What’sKegleyInfo.........................................PreservationAward..........Next...................................... Pg. 14 Pg. 17 Pg. 18 Pg. 19

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THE MISSION of Restoration Housing is to develop affordable rental properties for the benefit of limited-income families and individuals through the rehabilitation and preservation of historic architectural resources.

We welcomed a refuge family of seven to 820 Dale Avenue.Together we raised $118,883 in individual and corporatecontributionsdonor Togetherearnedwe $243,402 in government and foundation grants as well as $21,550 in management fees

Dear supporters and friends,

2021 was a transformative year for our organization in more ways than one. While we accomplished many of the same programmatic goals that we tackle every year, we also grew, adapted, challenged ourselves, and improved our surroundings. Our fundraising theme for the year was #StrengthInNeighbors and this modified adage proved entirely true as these changes were certainly a community effort.

In the first quarter of the year, we welcomed a new employee, Katherine Zaragoza, who has been a wonderful addition to our team and who helps us with

financial entries as well as property management.

She and I share a love for the wide, tree-lined street of Greenwood Road, where we both grew up and developed our love for historic homes at an early age. We also both like to consider the fascinating trajectory of our office location in the Wasena area as it has dramatically changed not only since we were teenagers but even in the last few years. If you haven’t visited this little village recently, I highly recommend it as there are several great new businesses, restaurants, and its conveniently right off the greenway. Our office is among those dramatic changes as we also underwent a rehab of our own space in the Summer of 2021. We expanded storage space, dedicated offices for staff, and created conference space…all with hopeful anticipation of meeting again in person.

Also in the first quarter, we began our second Architectural Minute series with a focus on historic neighborhoods in Roanoke. We dived deep into the histories of several neighborhoods, often encountering uncomfortable truths about disinvestment, loss of industry, codified poverty and racism, as well as mismanagement and subsequent substandard living conditions which many families sadly live within throughout our city. We tied these videos into our September fundraising campaign

4 2021 Annual Report

#StrengthInNeighbors which featured Professor LaDale Winling’s (Virginia Tech) enlightening discussion about urban land use and housing policies that have shaped our collective environments in myriad ways. We were thankfully able to adapt for pandemic-appropriate gathering and we held a hybrid event with both a virtual component and an in-person, outdoor luncheon. Much of the subject matter of these videos and our campaign has challenged us to better understand the root cause of the inequities that drive our mission and work. While it is sometimes difficult to think of these issues on a bigpicture level, we hoped to consider them locally and to focus on the ways that our work can help make a small but impactful difference in these neighborhoods.

Throughout almost the entirety of the year, our organization worked on the restoration of 820 Dale Avenue along with our contractors Square 1, Inc. This is our second project located in the Belmont neighborhood of Southeast Roanoke and it required substantially more work due to an exposed hole in the roof that destroyed the floor systems on the first and second floors of the rear of the house. We had to rehab the house in two phases - once to stabilize it and essentially raise it back upright so it wouldn’t fold into itself before we began the historic rehab phase. Construction was finally complete in November and we

subsequently moved in a refugee family of seven who now call it home. We ended the year as we often doplanning for our next rehab (920 Stewart Avenue, which began in March 2022), securing grants, tax credits, and budgeting for the next year.

Isabel ExecutiveThorntonDirector

And it was no less transformative for me personally, as I found out early in the year that I was expecting with twin girls. The remainder of the year fluctuated between extreme nausea, fatigue, and physical discomfort before their arrival, thankfully healthy and thriving, on December 2nd . Now that we’re well into the new year and looking back, I am amazed, as always, by how much can change in just one year. Thank you for staying with us through it all and for your continuous support.

We Couldn’t Have Done It Without You

“In reading John C. Maxwell’s ‘Change Your World: How Anyone, Anywhere Can Make a Difference’ I realized changing the world can start with small actions made within our local community. But good intention is nothing without good action. That is why Pinnacle Financial Partners is proud to support the work of Restoration Housing. They are changing our world one house, one family, one neighborhood at a time.”

David Allen, SVP/Regional President for the SW Virginia Region Pinnacle Financial Partners

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Bill & Ann Hopkins

Judy MaryBishopCarter Bishop

Allegheny Partners LLC

Hetty & Gunther Hoyt

RGM

Cindy Peterson David Peterson

The Beirne Carter Foundation

Cynthia Barnhart

Donna MargaretBatzel&Luther Beazley

Mary Alison Jorgenson

Architects & Engineers

Andrew Scholz Tracy Shanks Linda

Sam & Marion Golden Helping Hand Foundation Inc.

Lavery’s Sod Farm

Richard Cook John KimberlyTiphaneyRichardCarlyPaulMaryJudithKatieFrederickKarliKatrinaSheriNealKatherineLouiseSibylBroaddusJaneRobertDianeLucyWhitPaulFrancesHoyeRuthNancyStephanieDawnMichelleJillJaniceJeannieRupertMaggieHelenKathyCornthwait&JimCrawford&DavidCronk&MichaelCroniseCutler&BrendaMcDaniel&SamDarby&LarryDavidson&BenDavisDavisDeHart&LarryDickenson&DavidDixonDoan&JohnDuckworthDurdenEconomy&RandyCarver&LaurenEllerman&FrankEllett&BillElliotFetzer&PeterField&LuannFitzpatrickFishburnForsythFralinFrank-Rempel&PhillipFullenGoode&WillGriffethGusler&PriceGutshallHarrisonHarshfieldHaskins&JustinHathawayHedleyHelm&BarryHenderson

Isaiah & Liz Johnson

The Ken and Judith Joy Family Foundation

Branch Builds Brown

SunTrust Foundation

Corporate Donors

James A. Scott & Son, Inc

Kathy AngelaKerkering&Nathan Kerr

Bob Hiltonsmith

Katina RebeccaRaines&Harry Rhodes

Roanoke Valley Preservation Foudation

Wells Fargo Advisors

Barbara Jennings

DavidCyrusMollyMichaelCecileMarieDonnaAnnMaribethAnnSherylRosemaryAndreaEmilyHarmonKevinDonnaMaryWhitneyBettyAnnaCynthiaCarolineLennyTomKingery&PamKirchnerKolstad&BrandonLaCroix&MarkLawrence&TomLawsonLeskoLeesonJeanLevinLittlepageLockhart&GeorgeLogan&RobMangusMartin&WilliamMaxwell&EdMcNallyMartyn&FrankO’Brien&GarthMillsJr.&GarthMillsSr.L.MitchellMuddimanNewcomb&SueNussbaumO’Dell&AmberPaceParrJr.

Virginia Department of Housing and Community Development

HistRe Partners LLC

JP & Shaleen Powell Waid

Shirley Holland

Louise R. Lester Foundation

SunniPaulaPowellPrince&Sam Purviance

P.E.O. Sisterhood Chapter Al

Freedom First Credit Union

NL AllisonBishop&Andy Blanton Susan JessieJoeDianaLizJanakaRuthRobertPaulaSaraBettyJeanneBlumBollendorfBranchBrooks&FrancesBrownBrownCamisaCasperChilton&BryanCollierChristopolusCobbCoffman

Lowes Home Improvement

Individual Donors

Townside Gardens

Pinnacle Financial Partners

Home HughesDepotAssociates

Varsity Landscaping & Grounds

Catherine & Vernon Richardson Jonathan Richardson

Billy

Molly & Walton Rutherfoord

Gretchen & Adam Alexander

Beth & Bill Rutherfoord

Katherine Bendl

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PressPress Merch

Foti,FirefliCarterCarilionEdwardsClinicBank&TrustMediaFlynn,Lowen& Co.

Bonnie & Peagram Johnson

Matt & Jess Joy George Kegley

Bank of America Charitable Foundation

RoanokePropertiesFriend’s Meeting

LeeJeffreyAnnThomasMaryAnnLynnMr.DamonKellyJoyceRachelKimSarahCarolFionaIsabelLindaSuzanneJoyCharlesVirginiaWayneKathyAngelaSteadmanStiefbold&BruceStockburgerStrickland&BillSweetSwordSylvester-JohnsonThorniley&JohnThornton&LucasThorntonTower&LucasTuningTurnbull&AlanTurnerVogeleyWaughWhitmerWilliams&Mrs.GrahamB.Williams&BartWilner&DavidWineWinnMarieWoodWoodWoody

Jennifer & David Allen

Member One Credit Union

Julie Ann & JB Hodgson

2021 A Year In Review

The second installment of the Architectural Minute series launched exploring the rise and fall of four historic Roanoke neighborhoods.

AprilFebruary

820 Dale Avenue was stabilized by A.V. Contractors LLC to correct a 15-degree wall lean prior to the rehabilitation phase.

The restoration phase of 820 Dale Avenue by contractor Square One. Inc. was ‘kicked-off’ with a ribbon cutting.

January March May

Executive Director, Isabel Thornton, was part of the Power in Preservation exhibit at Dumbarton House of The National Society of The Colonial Dames of America in Washington D.C.

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A total of $6,045 was raised in 24-hours on Roanoke Valley Gives Day.

July

September

Restoration Housing’s office got some much-needed updates to make more efficient use of the space and to create individual and communal workspaces.

Restoration Housing launched its first ever hybrid Preserve Campaign, combing an in-person luncheon and video series exploring the theme of #StrengthInNeighbors.

October

June August

A ribbon cutting celebrated the completion of our first singlefamily unit at 820 Dale Avenue. November

A Virtual Hard Hat Tour of 820 Dale Avenue gave supporters a look at Restoration Housing’s construction process.

Executive Director, Isabel Thornton, and her husband Lucas welcomed twin girls making them a family of six!

92021 Annual Report

Restoration Housing welcomed a refugee family of seven home to 820 Dale Avenue. December

920 Stewart Avenue was awarded $150,000 in HOME Funds from the U.S. Department of Housing and Urban Development for construction costs.

December

Volunteers came together for our 6th Annual Community Partnership Day to beautify the landscaping at 820 Dale Avenue.

820 Dale Avenue

COMPLETE! 820 Dale Avenue is now home to a refugee family of seven after a year-long rehabilitation. The circa 1899 Folk Victorian home was acquired by Restoration Housing in early 2020 in a state of severe disrepair due to a significant hole in the roof and years of vacancy. Due diligence and pre-development planning followed and by the end of the year, stabilization by A.V. Contractors LLC had commenced to correct a 15-degree wall. A sixmonth restoration by Square One, Inc. followed, repairing all historic material and integrating modern living amenities.

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Acquisition Rehabilitation& Budget

In 2021 * Project budgets are independent of Restoration Housing for tax credit compliance purposes

Restoration Housing completed construction on the 1,800 square foot home. Located in the Belmont Historic District and the Belmont-Fallon Target Area, Restoration Housing was able to complete the project with minimal debt using Historic Tax Credit syndication and Community Development Block Grant Funding among other public entity, private foundation, and donor support. The house has all the features of a single-family home at an affordable rent including three bedrooms, two full bathrooms, updated kitchen with energy efficient appliances, laundry, and a large yard.

$150,000 from the City of Roanoke Community Development Block Grant $111,696ProgramfromHistoric Tax Credits $85,080 from Virginia Housing $17,500 from Foundation Support (Truist Foundation & Sam and Marion Golden Helping Hand Foundation) $10,000 from Fundraising by Restoration Housing

Before After

$122,445 from Historic Tax Credits $20,000 from Foundation Support (Louise R. Lester Foundation & Sam and Marion Golden Helping Hand Foundation) $32,000 from Fundraising by Restoration Housing $28,028 from RVARC’s Housing Development Program

* Project budgets are independent of Restoration Housing for tax credit compliance purposes

Restoration Housing began work on the 2,700 square foot property with TBS Construction Inc. and Jeff Wood Designs. Efforts include the repair of all historic material as well as the addition of new plumbing, mechanical, and electrical systems and other modern amenities. HOME Funds from the City of Roanoke and Historic Tax Credit syndication account for a large portion of construction funding along with other local foundation and donor support. Construction is expected to conclude in late summer 2022.

Aquisition & Rehabilitation Budget

$150,000 from the City of Roanoke Community Development Block Grant Program

UNDER CONSTRUCTION! After years of vacancy and deterioration, 920 Stewart Avenue is on its way to welcoming two families home in late summer of 2022. The circa 1905 Folk Victorian home located in Southeast Roanoke was acquired by Restoration Housing in late 2020. A year of due diligence and pre-planning followed before restoration commenced in early 2022. This will be Restoration Housing’s third project in the Belmont Historic District and Belmont-Fallon Target Area.

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920 Stewart Avenue

In the second year of this pandemic, Restoration Housing managed to continue in our mission-driven work largely by creating a conservative business plan and budget in a year with so many unknowns. Thankfully, we were pleasantly surprised by the consistent generosity of our donors, the availability of many local foundation gifts, and the outreach of supporters near and far who connected with us through our fundraising campaign. We realized in 2020 that our efforts to virtually connect with our supporters allowed us to share our mission and work more broadly. In 2021, we decided to create a hybrid fundraising campaign that featured both an in-person outdoor event and a virtual component for those who could not attend our luncheon. The outcome of this approach has proved so successful that we plan to continue this model long into the future. This past year also saw the consistent support of affordable housing grants from our local and state governments, which are essential for us to fully subsidize our construction costs and keep our rents affordable. Our work is very capital intensive and it can sometimes feel like we are running a capital campaign all year every year to afford the substantial costs to restore these historic homes. But the outcomes are so incredibly gratifying that we are committed to the process and remain thankful for everyone who helps us accomplish our projects along the way!

Financial Overview

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0% $4Investments 17% $88,135RevenueMiscellaneous 47% Government & Foundation Grants $243,402 22.9% Donor & $118,883ContributionsCorporate 4.2% Real ManagementEstate Fees $21,550 9% Fundraising Events $46,493 Revenue 47% 22.9 17% 9.0% 4.2% 0%

Expenses 48% Compensation & Other Salaries & Wages $59,025 3.9% Office $4,759Expenses 1% Information Technology $1,245 2.1% $2,617Miscellaneous 1% Consultation Fees $1,125 27.7% Accounting Services $34,138 5.9% Office Rent $7,276 3.7% Payroll Taxes $4,515 2.4% Insurance, Banking & Legal Services $2,901 1% 48% 27.7% 5.94.7%3.9%3.7% 2.4% 2.1% 4.7% Advertising & $5,738Promotion 1%

Walton Self-EmployedRutherfoordPrivateInvestor

Board

David Allen

Richard Hedley Jr.

Lucas Thornton Managing Partner of Hist:Re Partners, LLC

Nathan Kerr

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.

Shirley Holland

VP & Branch Leader, Scott Insurance Roanoke

John Cornthwait

Vice President of Planning and Community Development, Carilion Clinic

Carol Tuning

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Executive Director, Disability Rights and Resource Center

Alison Jorgensen

Vice President, Council of Community Services

Partner & Vice President of Products, Firefli

SVP / Regional President, Pinnacle Financial Partners SW Virginia Region

Isabel Thornton Executive RestorationDirector,Housing

Certified Public Accountant & Partner, Brown Edwards

18 2020 Annual Report

was honored with a 2021 Kegley Preservation Award for Neighborhood Preservation by the Roanoke Valley Preservation Foundation (RVPF) on November 14.  The award recognized our commitment to furthering an understanding of the history and current conditions of our underserved historic neighborhoods and making a meaningful difference through the restoration of once blighted and vacant properties. This was Restoration Housing’s second Kegley Preservation Award and we continue to be thankful for the RVPF’s continued support of our mission.

We sadly lost the award’s namesake, George Kegley in early 2022.  Several members of the staff of Restoration Housing knew George for many years and were inspired by his love of Roanoke, its history, and his general enthusiasm and energy for making the world a better place. Whether he worked to conserve natural resources or to conserve older buildings, he always saw the strong value in legacy. He has heavily informed our organization’s values as we work to preserve Roanoke’s historic homes for future generations. He was truly one of a kind and will be greatly missed by many.

Kegley Preservation RestorationAwardHousing

Preserve Campaign fundraiser will explore the intersection of housing and health care. Fall 2022 Community Partnership Day will welcome volunteers to beautify the landscaping at a Restoration Housing property.

Spring 2022 Architectural Minute Series will continue sharing how historic preservation improves our economic, environmental, and personal health.

EXPANDING OUR FOOTPRINT. 2022 promises to be just as eventful as the previous year with several exciting restoration projects in the works. We’ve been busy with ongoing construction on our sixth project and predevelopment work for our seventh project, not to mention once again planning for our signature events and expanding our outreach and education initiatives.

Late Summer/Early Fall 2022

What’s Next

192021 Annual Report

Completion of 920 Stewart Avenue will provide housing for two low-income families.

Late Summer 2022

FOR MORE INFORMATION on Restoration Housing, please contact Executive Director, Isabel Thornton.

Tel: 540-797-0819 Email:www.RestorationHousing.orginfo@restorationhousing.org@RestorationHousingRestorationHousing

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