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2019 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


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.


Together we raised

$69,839 in individual and corporate donor contributions

Together we earned

$26,267 in government and foundation grants as well as

$16,400 in development and management fees

We opened the doors to Kingdom Life Ministries, our anchor tenant at Villa Heights.

$483,639

in grants and insurance proceeds used for Villa Heights construction costs


that is at the core of our mission: quality restorations of blighted properties with affordable rents. While the pomp of events has temporarily vanished, our work has not.

Dear supporters and friends, As I write this reflection on 2019, it is from a far different position than I ever imagined I would find myself- sitting at my dining room table, my work from home station, while isolating from the world during a global pandemic. How completely removed from where I found myself a year ago‌ Restoration Housing enjoyed healthy momentum in 2019, replete with conferences, ribbon cuttings, fundraisers, and volunteer workdays. It was a full and exciting year for our organization. Though the contrast is remarkable now, we are learning to adapt as we continue to deliver the work 4

2019 Annual Report

At the start of 2019, our organization straddled the two positions that it often does at the beginning of the yearoverseeing construction of one project (in this instance Villa Heights) and busily negotiating the complex predevelopment work of our next project in the pipeline (326 Dale Avenue in Southeast Roanoke). We were thrilled to learn that we were the recipients of funding from the State Housing Trust Fund (administered through the Virginia Department of Housing and Community Development) for our project at 326 Dale Avenue. This award meant that our organization could afford the sizeable construction costs while keeping our rents affordable for formerly homeless individuals, once complete. By the late Spring and early Summer, construction at Villa Heights moved along swiftly. We hosted our annual Community Partnership Day at the Northwest-based house, which proved to be a rewarding endeavor with roughly 3.5 acres of parkland to work on (including a basketball court and playground) surrounding the house. Volunteers helped us plant trees, remove debris, mulch, weed, and plant new perennials throughout. The efforts of this site beautification helped to complement our


restoration efforts of the house, which were finalized in August. We marked the completion with a celebration at the property in honor of our organization’s 5th Anniversary, a wonderful way to culminate the work that had gone into the 200 year old house’s transformation. By far, the busiest time of the year for Restoration Housing is typically the Fall. In 2019, we hosted our second annual PreServe Luncheon in September, we began construction on 326 Dale Avenue in October, we moved our new tenants into Villa Heights in November, and we signed a purchase contract for our fifth property in December. When I think of the most rewarding moments from last year, I immediately think of the room of supporters that we hosted for our PreServe Luncheon. It warms my heart to think of the energy in the room that day and the feeling of community that resonates in those moments. We will get back to those moments again one day. I also think of the ribbon cutting for our new tenants at Villa Heights. Our anchor tenant, Kingdom Life Ministries, a Northwest based church shares the space with three nonprofit subtenants- LEAP for Local Food, Humble Hustle, and CAFÉ (Cultural Arts for Excellence). I am amazed at the work that all of these organizations are doing for our community and I’m thankful to have them together in this historic space.

As I think ahead to the unknowns in the remainder of 2020, I try not to put too much weight on the contrast that these months will have to our experience last year. I’m trying to focus on what we do have control over right now and that is in the outcome of our restoration projects and in our commitment to be good stewards of our current inventory of properties- ensuring that our tenants remain housed and safe. We are entrenched in a pandemic while witnessing the outcome of centuries of systematic failures and oppression of people of color. Our organization is now straddling the line between reacting in the moment to the constantly changing state of the world as it relates to the pandemic while also paying close attention to the social events that have more recently unfolded. We hope to listen to, learn from, and follow oppressed communities in solidarity in an effort to grow as an organization and as kindred residents of this valley. Thank you for your support last year and every year as we continue in our mission. As always, we could never do this without you and we are ever grateful.

Isabel Thornton Executive Director


We Couldn’t Have Done It Without You

“By focusing on restoring historic and significant assets to this community while at the same time providing housing for low-income and under-served communities...creates civic pride, increases home values, fosters education, and creates a sense of ownership that ripples out in such a way...that the possibilities are endless. At Pinnacle Financial, we are strong believers that if we holistically improve our community, everyone benefits. We’re proud to be a part of Restoration Housing’s work - one house, one neighborhood, one property at a time.”

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2019 Annual Report

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


Individual Donors David & Jennifer Allen Elizabeth Barbour Dominic Basile Margaret & Luther Beazley Andy & Gretchen Beedle Bill & Sherise Bestpitch Alison & Andrew Blanton James Bohn & Rob Ledger Alexander Boone Aaron Boush Betty Branch Michael & Karen Branch Sara Brooks Chad & Julie Brown Frank & Meg Carter Liz Chilton Diana Christopolus Lee & Sandra Clark Rebecca Clark Vice Mayor Joe Cobb Jessie Coffman

Laura Conte Richard Cook John Cornthwait Matt Crookshank Rupert Cutler & Brenda McDaniel Warner & Barbara Dalhouse Sam & Jeannie Darby Larry & Janice Davidson Michelle Davis Molly Dearing Dawn DeHart Nancy & David Dixon Ruth Doan Hoye & John Duckworth Frances Durden Paul Economy Whit & Lauren Ellerman Lucy & Frank Ellett Bill & Diane Elliot Gregory & Betsy Feldmann Whitney & Mark Feldmann Jane & Peter Field Broaddus & Luann Fitzpatrick Tessa Foley Katherine Fralin Neal Frank-Rempel Sherry Frantz Will & Karli Griffeth Price & Katie Gutshall Ann & Bill Hackworth Nelson & Cathleen Harris Judith Harrison Mary Harshfield Justin & Carly Hathaway David Haws Richard Hedley Tiphaney Helm Barry & Kimberly Henderson Bob Hiltonsmith

Shirley Holland Susan Honeycutt Rachael Hopkins William & Ann Hopkins Genny Huber James Huffman Jill Hume Lynn Hunt Sara Jamison Bonnie Johnson Isaiah & Liz Johnson Mary Alison Jorgenson Matt & Jess Joy George Kegley Kathy Kerkering Nathan & Angela Kerr Billy Kingery Daniel Kirchner Tom & Pam Kirchner A.L. & Susan Knighton Brandon & Caroline LaCroix Tom & Anna Lawson Whitney Leeson Betty Lesko Kevin Lockhart George & Harmon Logan Lauren Lumsden Rob & Emily Mangus Carol Marand Lee & Scott Markham Andrea Martin Ann Martyn & Frank O’Brien Matt & Becky McKimmy Dan & Lissy Merenda Maribeth & Garth Mills Parviz Moosavi Linda & Todd Morgan Michael & Sue Nussbaum Marie Muddiman

Cyrus & Amber Pace David Parr Jr. Nancy Peake Cindy Peterson David Peterson JP & Shaleen Powell Charles & Anita Price Paula Prince Christy Pugh Valentina Quintana Harry & Rebecca Rhodes Catherine & Vernon Richardson Ellie & Jared Rigby Sally Rugaber Lauren Russo Bill & Beth Rutherfoord Tom & Jeannie Rutherfoord Walton & Molly Rutherfoord Dan Summerlin Suzanne Thorniley Linda & John Thornton Isabel & Lucas Thornton Carol Tuning Alan & Kim Turner Beth Waller Joyce Waugh Betsy Whitney Anna Williams Bart Wilner David & MaryAnn Wine Barry & Libba Wolfe Ann Marie Wood Jeffrey Wood

Corporate Donors ABRE Holdings Inc. ARCH Roanoke Branch Builds Brown Edwards Carilion Clinic Carter Bank & Trust Commonwealth Building Materials Council of Community Services First Citizens Bank Foti, Flynn, Lowen & Co. Fresh Market Freedom First Credit Union Habitat ReStore Hist:Re Partners Hotel Roanoke & Conference Center Hughes Associates Architects & Engineers James A. Scott & Son, Inc Lowes Home Improvement Manning Arboriculture LLC Member One Credit Union Pinnacle Financial Partners PressPressMerch RGM Properties RND Coffee Roanoke Friend’s Meeting Roanoke Valley Preservation Foundation Sam & Marion Golden Helping Hand Foundation Science Museum of Western Virginia Townside Gardens Varsity Landscaping & Grounds Virginia Housing Development Authority Wells Fargo Advisers Wells Fargo Foundation Woods Rogers PLC Zia Construction

2019 Annual Report

7


2019

January

April

May

326 Dale Avenue is awarded grants from the SunTrust Foundation and the Sam & Marion Golden Helping Hand Foundation for pre-development costs.

Villa Heights’ veteran trees received much needed attention to ensure their long-term health.

The community came together for our 4th Annual Community Partnership Day at Villa Heights.

A Year In Review

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2019 Annual Report

March

April

A total of $6,080 was raised in 24-hours on Roanoke Valley Gives Day.

A small group of supporters who played an integral part in Villa Height’s comeback were given a Hard Hat Tour.

Project Milestone

Events

News


August

September

November

December

Executive Director, Isabel Thornton, was part of a panel on ‘Unconditional Partnerships to End Homelessness’ at the Blue Ridge Continuum of Care’s Annual Symposium.

The 2019 PreSERVE Luncheon drew a full house to hear nationally acclaimed preservation economist, Donovan Rypkema.

A ribbon cutting was held to celebrate the completion of Villa Heights, Restoration Housingn’s first Community Impact Project.

Villa Heights was honored with the 2019 Gabirella Page Preservation Award for Outstanding Project by Preservation Virginia.

June

August

October

November

326 Dale Avenue was one of just 17 projects across the commonwealth awarded funding through the Affordable and Special Needs Housing program of the Virginia Department of Housing and Community Development.

Restoration Housing celebrated five years of making a difference locally with a reception held at Villa Heights.

A ribbon cutting was held to kick off the restoration of 326 Dale Avenue

Villa Heights was honored with the 2019 Kegley Preservation Award for Historic Rehabilitation by the Roanoke Valley Preservation Foundation. 2019 Annual Report

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Villa

Heights COMPLETE! Built circa 1820 by Elijah McClanahan, Villa Heights was in severe disrepair and vacant for ten years before Restoration Housing took action. It now serves the surrounding community of Northwest Roanoke, providing affordable rental space to nonprofits with shared programmatic space on the first floor and offices on the second floor. Villa Heights was awarded the 2019 Gabriella Page Preservation Award for Outstanding Preservation Project by Preservation Virginia and the 2019 Kegley Preservation Award for Historic Rehabilitation by the Roanoke Valley Preservation Foundation. 10

2019 Annual Report


Before

In 2019 Villa Heights was unveiled to the community after a year-long rehabilitation to restore the historic and architectural integrity of the structure. Work included the abatement and removal of debris and damaged material; reconstruction and repair of roof, west faรงade, and rear single-story porch that had been destroyed by fire; restoration of all salvageable historic materials and in-kind replacement of those too severely damaged to save; and the installation of new mechanical, electrical, plumbing, and HVAC systems.

Acquisition & Rehabilitation Budget $15,000 in Pre-Development Grant Funding from Private Foundation $234,000 in Insurance Proceeds from a Fire in 2011

$250,000 in CDBG Funding $290,000 in Historic Tax Credits

* 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 2019 Restoration Housing began construction on this 3,200 square foot home in October. The rehab began with the stabilization of the structure and removal of all damaged material. Subsequent work includes the restoration in-kind of all historic features such as the hardwood floors, wooden trim, wooden windows, slate roof, and exterior porch details. New plumbing, mechanical, electrical, kitchen appliances and bathroom fixtures will also be installed for each unit. This project is fully funded through historic tax credits, grants from private foundations, and the Virginia State Housing Trust Fund. Upon completion in 2020, Restoration Housing will partner with ARCH Services to provide management and counseling services to previously homeless tenants.

Aquisition & Rehabilitation Budget $15,000 in Pre-Development Grant Funding from Private Foundations and Fundraising by Restoration Housing $300,000 in Funding from the State Housing Trust Fund (DHCD) $40,000 in Additional Construction Funding from Community Foundations $183,135 in Historic Tax Credits


326 Dale Avenue

UNDER CONSTRUCTION! After years of deferred maintenance by previous owners, the property was acquired by a preservation-minded buyer who generously gifted it to Restoration Housing in the fall of 2018. The circa 1890 Queen Anne home once belonged to one of Roanoke’s earliest mayors, Sylvester Seifert, and will ultimately become four Permanent Supportive Housing units for previously homeless individuals. This will be Restoration Housing’s first project in the newly created Belmont Historic District in Southeast Roanoke. 2019 Annual Report

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Financial Overview

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2019 Annual Report

We celebrated our fifth anniversary in the Summer of 2019 and our financial success mirrored the growth expected of an organization that has found its footing beyond “start up� status. With four employees and five housing projects, our fundraising efforts and grant income successfully grew to allow our momentum to continue and for our programs to expand. We received a critical grant for $300,000 from the State Department of Housing and Community Development for our project at 326 Dale Avenue (this income is currently being used in our fiscal year 2020). This coupled with our smaller foundation grants, housing management and development revenue, historic tax credits, and donations from our generous supporters at events and throughout the year, allowed our organization to successfully implement an effective and unique financial model within the affordable housing industry.


42.4%

23.3%

19.7%

7.3%

Donor & Corporate Contributions $47,765

Fundraising Events $22,174

7.3%

Real Estate Development Fees $8,200

7.3%

0.1%

Revenue 7.3%

Government & Foundation Grants $26,267

Real Estate Management Fees $8,200

42.4%

19.7%

0.1%

Investments $119

$483,639 Grants and Insurance Proceeds used for Villa Heights Construction Costs

23.3%


Expenses

52.2%

Compensation & Other Salaries & Wages $47,607

1.2%

3.3%

3.7%

4.2%

6.0%

5.1%

4.2%

3.7%

3.3%

Payroll Taxes $4,676

6.0% 52.2% 7.8%

Insurance, Banking & Legal Services $3,360

1.2% 16.6%

Advertising & Promotion Services $15,147

7.8%

Office Rent $7,104

5.1%

16.6%

Miscellaneous $1,066

Office Expenses $5,449

Accounting Services $3,792

Consultation Fees $3,000


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

John Cornthwait

Richard Hedley Jr.

Shirley Holland

Nathan Kerr

SVP / Regional President, Pinnacle Financial Partners SW Virginia Region

Partner, Director of Products, Firefli

Certified Public Accountant & Partner, Brown Edwards

Vice President of Planning and Community Development, Carilion Clinic

VP & Branch Leader, Scott Insurance Roanoke

Daniel Merenda

Walton Rutherfoord

Isabel Thornton

Lucas Thornton

Carol Tuning

Retired President, Council of Community Services

Self-Employed Private Investor

Executive Director, Restoration Housing

Managing Partner of Hist:Re Partners, LLC

Executive Director of the Disability Rights and Resource Center

2019 Annual Report

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What’s Next

EXPANDING OUR FOOTPRINT. 2020 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 fourth project and predevelopment work for our fifth project, not to mention recalibrating our signature events and expanding our outreach and education initiatives during this unprecedented time.

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2019 Annual Report

326 Dale Avenue Restoration Housing’s fourth project is 326 Dale Avenue in the Belmont Historic District, a circa 1893 Queen Anne home. It is slated for completion in the fall of 2020 and will be Restoration Housing’s first Permanent Supportive Housing project with four units for previously homeless individuals.


820 Dale Avenue

Architectural Minute Series

The PreSERVE Campaign

Restoration Housing’s fifth project is 820 Dale Avenue in the Belmont Historic District, a turn of the century Folk Victorian home. Construction will begin in the fall of 2020 and will be Restoration Housing’s first single-family unit.

Restoration Housing will launch a new video series entitled ‘Architectural Minute’ answering questions about the design, construction, and history of properties in and around Roanoke.

Temporarily taking the place of Restoration Housing’s annual luncheon, the PreSERVE Campaign will engage supporters through a series of videos that will tell the story of Restoration Housing, its properties, but most of all, its people. 2019 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


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Restoration Housing 2019 Annual Report  

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