Restoration Housing 2022 Annual Report

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SEP 21 - OCT 19 2022
Annual Report

Strong, healthy communities that are safe, affordable, and dignified.

Table of Contents

Letter From Isabel..............

Donor List.............................

Year In Review.....................

Annual Projects...................

Pg. 4 Pg. 6 Pg. 8 Pg. 10

Financial Overview............

Board Info............................

What’s Next.........................

Pg. 14 Pg. 17 Pg. 18

THE MISSION of Restoration

Housing is to develop affordable rental properties for the benefit of under-resourced communities through rehabilitation and stewardship of the historic, built enviornment.

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Together we raised $139,959 in individual and corporate donor contributions

We welcomed two families to 920 Stewart Avenue

Together we earned $198,228 in government and foundation grants as well as $42,513 in development and management fees

Dear supporters and friends,

#HousingIsHealthCare was Restoration Housing’s theme for 2022. It covered everything from our Architectural Minute series in the Spring to our fundraising luncheon in the Fall. But as with all of our annual themes, housing and health care transcends more than a single year. We have consistently seen the need for more quality affordable housing as a form of preventative health care throughout the nine years that our organization has been in operation. For many households, affordability often coincides with substandard living conditions, leading to safety hazards and health concerns. While for others the shear price of housing creates

a cost burden that prevents the purchase of other essentials such as healthy food and medicine.

For Restoration Housing, it is intrinsic to our mission that we provide safe, quality housing that gives dignity to our residents while also maintaining affordability that ensures our residents are never cost burdened or forced to make difficult decisions between shelter, safety, and their most essential health care needs.

In early 2022, we began construction on our third rehabilitation project at 920 Stewart Avenue in Southeast Roanoke, a neighborhood that has been wonderfully welcoming to our work and offers many beautiful historic homes in need of restoration. We spent much of the Spring and Summer overseeing construction of the circa 1900 home and working to secure additional grant funding. Thanks to the Roanoke Valley Allegheny Regional Commission, we were able to fill all our funding needs after construction prices soared mid-year. We combined their grant (specifically for affordable housing in the region, provided by Virginia Housing) with the funding we had received the previous year from the City of Roanoke’s HOME program in addition to several other small foundation gifts, fundraising from individual donors, and Federal and State Historic Tax Credits. By late Summer and early Fall, we were into our busiest

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season of the year. We held our annual fundraiser and month-long virtual campaign; wrapped up construction on our sixth rehab project at 920 Stewart Avenue; hosted our annual volunteer event “Community Partnership Day”; and moved in two families making 50% of the Area Median Income into the newly restored historic home. Our luncheon continued to complement our #HousingIsHealthCare theme with keynote speaker Stacey Millett sharing heartfelt remarks on the indisputable correlation between dignified housing and a healthy life. Sadly, I was unable to attend as I had tested positive for COVID two days before the event. The almost comical timing aside, it seemed somehow appropriate to highlight the need for a safe place to quarantine while discussing the dual themes of housing and health care. Three years into the pandemic and I still constantly feel the importance of safe shelter for our community’s most vulnerable populations. The need for adequate, dignified, and affordable housing is stronger than ever to address everything from mental health support to monitoring a recently discharged patient’s insulin intake.

Towards the end of 2022, our organization worked to acquire 930 Stewart Avenue, our fourth rehabilitation in Southeast Roanoke and our seventh project overall. This small “Folk Victorian” house built in 1895 features many of its original architectural details including two stained-glass casement

windows and an intricately carved front door with original door bell. We can’t wait to finish this project in 2024, when it will house a single family making between 50-60% of the Area Median Income.

This latest house will be just one affordable unit. That sometimes feels like the tiniest drop in the bucket of affordable housing when the need is both overwhelming and constantly growing. Yet I remain confident in our slow growth model. While we may not be solving the affordable housing crisis, we are changing neighborhoods and lives. Our projects are reinvesting in underserved neighborhoods that have long lacked both public and private support. We are likewise preserving Roanoke’s character with each vacant and blighted yet historic and invaluable house restored. And finally, we are providing real homes with yards, porches, parking, and privacy…all the amenities of home that families of all incomes appreciate.

#HousingIsHealthCare and, at its best, housing can also honor history and build community. Thank you for following us and supporting our work in 2022 and beyond!

We Couldn’t Have Done It Without You

The impact of Restoration Housing goes far beyond a single house. It has a broader impact on the overall health and well-being of the community. Investing in Restoration Housing means investing in the long-term future of Roanoke –improving one house and supporting one family at a time.

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Individual Donors

Gretchen & Adam Alexander

Jennifer & David Allen

Jeb & Josephine Arbaugh

Margaret Ann Ayers

Mary Catherine Baldridge

Elizabeth Barbour

Cynthia Barnhart

Dale Basahm

Donna Batzel

Margaret & Luther Beazley

Anne Beckett

Kevin & Kristine Bertholf

Judy Bishop

NL Bishop

Alison & Andy Blanton

Sara Bolster

Alexander Boone

Sara Brooks

Robert Brown

Vance Camisa

Janaka Casper

Liz Chilton & Bryan Collier

Diana Christopolus

Vice Mayor Joe Cobb

Jessie Cordle

Elaina Corfield

John Cornthwait

Maggie & Michael Cronise

Rupert Cutler & Brenda McDaniel

Janice & Larry Davidson

Michelle Davis

Stephanie & Larry Dickenson

Nancy & David Dixon

Ruth Doan

Hoye & John Duckworth

Frances Durden

Alexander Dykes

Paul Economy

Lucy & Frank Ellett

Diane & Bill Elliot

Kelly & Russell Ellis

Whitney & Mark Feldmann

Greg & Betsy Feldmann

Jane & Peter Field

Broaddus & Luann Fitzpatrick

Louise Forsyth

Neal Frank-Rempel

Cynthia Friedlander

Cynthia Gardella

Rand & Jan Garrett

Katrina Goode & Robert Skelton

Leah Greenberg

Karli & Will Griffeth

Frederick Gusler

Katie & Price Gutshall

Ann & Bill Hackworth

Nolan Hamilton

Judith Harrison

Mary Harshfield

Jesssica Hilbish

Helen & David Hill

Bob Hiltonsmith

Julie Ann & Jon Bradley Hodgson

Shirley Holland

Kai Yoshida & Kitty Hopkins

Ann & William Hopkins

Hetty & Gunther Hoyt

Betts Jackson

James & Mary Ann Johnson

Bonnie & Pegram Johnson

Kelly Jones

Mary Alison Jorgenson

Matt & Jess Joy

Fred Karnas

Andrew Kegley

Angela & Nathan Kerr

Billy Kingery

Tom & Pam Kirchner

Kate Kronau

Caroline & Brandon LaCroix

Cynthia & Mark Lawrence

Anna & Tom Lawson

Whitney Leeson

Betty & Edmund Lesko

Mary Jean Levin

Allison Link

Donna Littlepage

Harmon & George Logan

Lauren Lumsden

Andrea Martin

Sheryl & Ed McNally

Ann Martyn & Frank O’Brien

Rosemary & William Maxwell

Deborah & Thomas McDonald

Ann & Garth Mills, Sr.

Maribeth & Garth Mills

Donna L. Mitchell

Marie Muddiman-Beebe

Michael & Sue Nussbaum

Cyrus & Amber Pace

David Parr Jr.

Emily Pinkerton

Charlotte Porterfield

Laura & Waid Powell

Shaleen & JP Powell

Paula Prince

Hon. Sam Rasoul

Earl & Stephanie Moon-Reynolds

Rebecca & Harry Rhodes

Jonathan Richardson

Sue Ellen Rocovich

Beth & Bill Rutherfoord

Jeannie & Tom Rutherfoord

Molly & Walton Rutherfoord

Maria Saxton

Andrew Scholz

Missy Shank

Susie Shullman

Kim & Kelsey Simcox

Jennifer Sosnowski

Dr. & Mrs. Bertram Spetzler

Angela Stiefbold

CJ & Marc Swanson

Julie & Bruce Swanson

Virginia & Bill Sweet

Suzanne Thorniley

Linda & John Thornton

Isabel & Lucas Thornton

Ellen Troland

Carol & Lucas Tuning

Kim & Alan Turner

Molly & Seth Walters

Anna Williams

Damon Williams

MaryAnn & David Wine

LaDale Winling

Barry & Libba Wolfe

Jeffrey Wood

Lee Woody

Corporate Donors

ACE Hardware – Brambleton

Allegheny Partners LLC

Blackbaud Giving Fund

Brown Edwards

Carilion Clinic

Carillion Wellness

Corelife Eatery

Crystal’s Healing Hands

Davis H. Elliot Company


Fleet Feet Roanoke

Foti, Flynn, Lowen & Co.

Freedom First Credit Union

Fresh Market

Home Depot

James A. Scott & Son, Inc

Kiwanis Club of Roanoke

Lowes Home Improvement

Member One Credit Union

One Earth Landscapes

Pinnacle Financial Partners


RGM Properties

Roanoke Committee of the Colonial Dames

Roanoke Friend’s Meeting

Townside Gardens

Roanoke Friend’s Meeting

Roanoke Natural Foods Co+op

Roanoke Valley Preservation Foundation

Roanoke Valley-Alleghany Regional Commission

Sam & Marion Golden Helping Hand Foundation

Tazewell Development, LLC

The Beirne Carter Foundation

The Ken and Judith Joy Family Foundation

Thornfield Farm

Varsity Landscaping & Grounds

Virginia Department of Housing and Community Development

Wells Fargo Advisors

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The pre-development phase at 920 Stewart Avenue concluded with HUD’s sealed competitive bid process to secure a contractor.


A ribbon cutting with local officials, partners, and staff celebrated the start of construction at 920 Stewart Avenue.


Isabel Thornton and Maribeth Mills sat down with Tom Landon of Blue Ridge PBS to discuss ‘What It Takes’ to create decent, affordable housing for low-income families!

2022 A Year In Review


Restoration Housing launched a threepart installment of its Architectural Minute Series on historic preservation and community health.


Long-time staff member, Pam Kirchner, retired to spend more time with grandchildren.

Project Milestone Events News
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A Virtual Hard Hat tour of 920 Stewart Avenue gave supporters a look at challenges and interesting finds during construction.


The RVARC Housing Development Program awarded 920 Stewart Avenue a $28,028 grant, making this project 100% subsidized.


Restoration Housing hosted its 4th Annual Preserve Luncheon and launched the Preserve Campaign exploring the theme of #HousingIsHealthCare.


A ribbon cutting celebrated the completion of our sixth project at 920 Stewart Avenue in the Belmont Historic District.


A total of $5,000 was raised in 24 hours through the Roanoke Valley’s community-wide giving day, GIVE Roanoke.


Filming for the Preserve Campaign commenced, capturing how quality, affordable housing can change the health outcomes of our community’s most vulnerable.


An entrance sign to Villa Heights was installed through a grant from the Kiwanis Club of Roanoke welcoming the neighborhood to this communal space.


Volunteers came together for the 7th Annual Community Partnership Day to beautify the landscaping at 920 Stewart Avenue in Southeast Roanoke!

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920 Stewart Avenue

COMPLETE! 920 Stewart Avenue is now affordable rental housing for two families after a nine-month rehabilitation. The circa 1905 Folk Victorian home located in Southeast Roanoke was acquired by Restoration Housing in late 2020. Like most Restoration Housing properties, the home sat vacant for many years, which left walls, flooring, and interior systems heavily deteriorated despite preventative maintenance done by the previous owner. After more than a year of due diligence and pre-planning, construction commenced in early 2022 to return the home to its original two-family layout, repair all historic material, and integrate modern living amenities.

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In 2022

Thanks in large part to public and private partnerships, Restoration Housing was able to subsidize most of the construction costs in order to keep the rents affordable for low-income families (under 60% of the Area Medium Income). Funding was provided by HOME funds through the City of Roanoke’s HUD offices and a pilot program from the Roanoke Valley-Alleghany Regional Commission (in partnership with Virginia Housing). Additional funding was provided through Historic Tax Credit syndication as well as private foundation and donor support. In Fall 2022, the 2,700 square foot property welcomed two families home to the freshly rehabilitated units including new kitchens with all new appliances, granite countertops, and custom cabinetry, new bathrooms, in-unit laundry, and landscaped yard space.

Acquisition & Rehabilitation Budget

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

$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 Roanoke Valley-Alleghany Regional Commission’s Housing Development Program

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

In 2022

In 2022, Restoration Housing began the pre-development phase including legal, accounting, design, and financing processes. This project will be 100% subsidized through a combination of Historic Tax Credit syndication, CDBG funding, RVARC Housing Development Program funding, private foundation support, and donor support. Once complete in 2023, 930 Stewart will be a single-family rental opportunity for a low-income family (under 60% of the Area Median Income) with three bedrooms, two full bathrooms, a fully renovated kitchen, and in-unit laundry.

Aquisition & Rehabilitation Budget

$126,676 from Historic Tax Credits

$113,000 from the City of Roanoke Community Development Block Grant Program

$44,850 from RVARC’s Housing Development Program

$10,000 from Foundation Support (Sam and Marion Golden Helping Hand Foundation)

$5,000 from Fundraising by Restoration Housing

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

930 Stewart Avenue

ACQUISITION! 930 Stewart Avenue is on its way to welcoming a family home in Spring 2024!

The circa 1903 vernacular home located in Southeast Roanoke was acquired by Restoration Housing in early 2023 after many months of due diligence with construction slated to begin Fall of 2023. While this property had been lovingly looked after by its previous owners, it was vacant for many years and will need a complete overhaul to restore historic materials as well as incorporate modern interior systems and living amenities. Once complete, it will be a single-family rental opportunity for a lowincome family (60% of Area Median Income) featuring new kitchens and bathrooms, in-unit laundry, and generous yard space. This will be Restoration Housing’s fourth project in the Belmont Historic District and Belmont-Fallon Target Area and sixth affordable housing project overall.

Financial Overview

Our organization began 2022 with conservative expectations for growth, acknowledging the continued uncertainty of the pandemic combined with Executive Director Isabel Thornton’s plans to take time with her newborn twin daughters. The year progressed on budget in most aspects of operation apart from increased material and labor costs associated with construction. Thankfully, when costs exceeded our budget, we were able to find additional funding for our project at 920 Stewart Avenue through the Roanoke Allegheny Regional Commission’s Housing Development Program. We likewise found ourselves pleasantly surprised by the City of Roanoke’s newly launched Land Bank, which gave us funding for the acquisition of our next project at 930 Stewart Avenue. Both of these sources were made available through the American Rescue Plan Act, allowing our organization to bridge a daunting funding gap.

As with previous years, 2022 saw much of the same support from our generous and consistent donors, local foundations, and City of Roanoke HUD funding. Combined with historic tax credit equity and the revenue generated from our affordable housing units, Restoration Housing has diversified our sources of income quite extensively over the years. This has allowed us to remain resilient in our persistent mission to provide quality affordable housing through historic preservation.

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0% Investments $54 9.4% Miscellaneous Revenue $39,496 47.2% Government & Foundation Grants $198,228 19.6% Donor & Corporate Contributions $82,450 10.1% Real Estate Management Fees $42,514 13.7% Fundraising Events $57,499 Revenue 0% 47.2% 19.6% 13.7% 9.4% 10.1%
51.8% Compensation & Other Salaries & Wages $70,078 5% Office Expenses $6,833 0.9% Information Technology $1,174 11.5% Miscellaneous $15,515 0.8% Consultation Fees $1,147 7.1% Advertising & Promotion $9,637 11.7% Accounting Services $15,850 5.4% Office Rent $7,293 4% Payroll Taxes $5,361 1.8% Insurance, Banking & Legal Services $2,500 0.8% 51.8% 11.7% 11.5% 7.1% 5.4% 5% 4% 1.8% 0.9%


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

SVP / Regional President, Pinnacle Financial Partners SW Virginia Region

Alison Jorgensen

Vice President, Council of Community Services

John Cornthwait

President & Chief Operating Officer, Firefli

Richard Hedley Jr.

Certified Public Accountant & Partner, Brown Edwards

Walton Rutherfoord

Self-Employed Private Investor

Isabel Thornton

Executive Director, Restoration Housing

Shirley Holland

Vice President of Planning and Community Development, Carilion Clinic

Lucas Thornton

Managing Partner of Hist:Re Partners, LLC

Cynthia Lawrence

Director of the Office of Workforce Development, Carilion Clinic

Carol Tuning

Executive Director, Disability Rights and Resource Center

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What’s Next


2023 promises to be just as eventful as the previous year with several exciting restoration projects in the works.

We’ve been busy with pre-development on our seventh project and acquisition of our eighth and ninth projects, not to mention once again planning for our signature events and expanding our outreach and education initiatives.

Winter 2023

The Architectural Minute series will continue with three new installments focusing on the history and present-day benefit of welldesigned, light density housing options called Middle Housing.

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Spring 2023

A stewardship campaign for the upkeep of Villa Heights will launch in April and include landscape beautification by volunteers on Community Partnership Day.

Summer 2023

Construction will commence at 930 Stewart Avenue in the Belmont Historic District, a circa 1905 Folk Victorian home that will house one low-income family.

Fall 2023

The Preserve Campaign will once again be a hybrid event, merging our traditional luncheon with a monthlong virtual campaign. The theme for 2023 is #HousingForAll, exploring the need for Missing Middle Housing.

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FOR MORE INFORMATION on Restoration Housing, please contact Executive Director, Isabel Thornton. Tel: 540-797-0819 Email: @RestorationHousing Restoration Housing

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