2018 annual report - restoration housing · villa heights received state and federal approval to...

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..............

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

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.

We opened the doors to two families at the

Patterson project

Together we raised

$82,973in individual and corporate donor

contributions

Together weearned

$29,600in government and foundation grants

as well as

$55,036in 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.

Our second project at 1018 Patterson, a two-unit turn-of-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.

4 2018 Annual Report

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.

Isabel ThorntonExecutive Director

Sincerely,

“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.” David Allen, SVP/Regional President for the SW Virginia Region

Pinnacle Financial Partners

We Couldn’t HaveDone It Without You


Zack AgeeTracy AltizerChris & Jayne AndrewsJeb & Josephine ArbaughErin Ashwell & Michael J. FinneyMary BaakoFred BeebeAndy & Gretchen BeedleScott BerglundKevin & Kristine BertholfBill & Sherise BestpitchAlison & Andrew BlantonJames BohnSara BrooksFrank & Meg CarterKasturi & Janaka CasperJudith ChambersDiana ChristopolusJoe CobbNick & Alison ConteLaura ConteRupert CutlerWarner & Barbara DalhouseSam & Jeannie DarbyLarry & Janice DavidsonBen & Jill DavisTim DaytonRuth DoanFrances DurdenMichelle DykstraPaul EconomyWhit & Lauren EllermanBill & Diane ElliotKandy ElliotMark Lynn FergusonRay & Mary Ferris

Tessa FoleyLouise ForsythWill & Karli Griffeth Price & Katie Gutshall Linda Harrison David & Cheryl Hartman Murray & Melissa HammondWilbur & Lucy HazelgroveBarry & Kimberly HendersonBob Hiltonsmith & Karen CarrollShirley HollandSusan HoneycuttRachael HopkinsWilliam & Ann HopkinsGunther & Hetty HoytJames HuffmanJim & Lynn HuntSara JamisonScott JenkinsMary Alison JorgensonMatt & Jess JoyGeorge KegleyCary KellyNathan & Angela KerrBilly KingeryTom & Pam KirchnerA.L. & Susan KnightonBrandon & Caroline LaCroixTom & Anna LawsonSherman LeaWhitney LeesonGeorge & Harmon LoganWillis & Ashley LoganRob & Emily MangusAndrea MartinAnn Martyn & Frank O’Brien

Sarah McMillanEd & Sherly McNallyDan & Lissy MerendaMary MillerBill ModicaMarie MuddimanPat OberlinMolly O’DellCyrus & Amber PaceJP & Shaleen PowellCharles & Anita PricePaula PrinceCoquina RestrepoHarry & Rebecca RhodesCourt & Brooke RosenLauren RussoBill & Beth RutherfoordTom & Jeannie RutherfoordWalton & Molly RutherfoordJennifer SosnowskiBruce & Kathy StockburgerDan SummerlinJoy Sylvester-JohnsonLinda & John ThorntonLucas ThorntonCarol Tuning Alan & Kim Turner Edward & Sandra Via Chris & Beth Waller Mary Ann WardDavid & MaryAnn WineJeffrey WoodHenry Woodward

American Shakespeare CenterBank of America Charitable FoundationBig Lick Brewing CompanyBlack Dog SalvageBlue Blaze ConsultingCity Dogs Boarding & PlaycareFamily ChiropractorsJohn M. Oakey, Inc. Funeral HomeLowes Home ImprovementMartin’s DowntownMill Mountain Coffee & TeaOlde Salem Brewing CompanyPop’s Ice Cream & Soda BarPress Press MerchRescue Mission of RoanokeRiver Rock ClimbingRoanoke Children’s TheatreRoanoke Friends MeetingRoanoke Mountain AdventuresRoanoke Natural Foods Co-OpRoanoke Valley Preservation FoundationSam & Marion Golden Helping HandsFoundation Inc.SunTrust FoundationTaubman Museum of ArtThe Shabby Farmhouse GirlTownside GardensUnleashed Dog Bakery & Boutique Varsity Landscaping & Grounds Virginia Housing Development Authority Wasena City Tap RoomWildflour @ TowersZia Construction

Individual Donors Corporate Donors

72018 Annual Report

2018A Year In Review

Project Milestone Events News

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.

January March MayThrough your generosity, we raised $2,442 in 24-hours at Roanoke Valley Gives Day.

AprilMarchWe celebrated our second

ribbon cutting at1018 Patterson Avenue.

Villa Heights received State and Federal approval to the National

Register of Historic Places and the Virginia Landmarks Register.

The community came together for our 3rd Annual Community Partnership Day

at our Pattersonhouse project.


We opened the doors fortwo families to call

1018 Patterson home!

JuneRestoration 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.

DecemberExecutive Director, Isabel Thornton, presented at CityWorks (X)po 2018.

OctoberExecutive Director, Isabel Thornton, was part of the

‘Preservation and Gentrification Panel’ at the 2018 Virginia Preservation Conference.

November

May SeptemberCity 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!

OctoberRestoration Housing kicked off the

start of construction onVilla Heights.

NovemberRestoration Housing attended the 2018 Virginia Governor’s Housing

Conference in Arlington.

92018 Annual Report

1018 PattersonAvenue

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.


Before

After

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.

In 2018

50%

15.4%

34.6%

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

$40,000 Fundraised Contributions

$90,000 in Historic Tax Credits

$130,000 Low Interest Loan from Pinnacle Financial Partners

Acquisition &Rehabilitation Budget

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.

In 2018

$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%

31.7%29.7%

Aquisition & Rehabilitation Budget

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

VillaHeights

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.

132018 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.

FinancialOverview


* Does not reflect $21,000 in noncash contributions and $39,862in previous contributions for acquisitions.

3.3%Historic Tax CreditConsulting Fees$5,536

3.9%Real EstateManagement Fees$6,550

25.6%Real Estate Development Fees$42,950

34.1%Donor & CorporateContributions$57,234

15.3%Fundraising Events$25,739

17.7%Government &Foundation Grants$29,600

0.1%Investments$85

Revenue

34.1%

25.6%

17.7%

15.3%

3.9%

3.3%

0.1%

Expenses 38.7%Compensation &Other Salaries & Wages$34,145

10.2%Advertising &Promotion Services$9,013

14.7%Consultation Fees$12,975

2.4%Miscellaneous$2,129

3.3%Insurance, Banking & Legal Services$2,923

6.8%Due Dilligence$6,000

10.4%Office Rent$9,155

9.5%Accounting Services$8,349

3.5%Payroll Taxes$3,116

0.6%Taxes, Registration Fees & Information Technology$493

38.7%

14.7%10.4%

10.2%

9.5%

6.8%

3.5%

3.3%

2.4%

0.6%

BoardRestoration 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 AllenSVP / Regional President,Pinnacle Financial PartnersSW Virginia Region

Walton RutherfoordSelf-Employed Private Investor

Richard Hedley Jr., CPAPartner, Brown Edwards

Shirley HollandVice President of Planningand Community Development,Carilion Clinic

Isabel ThorntonExecutive Director,Restoration Housing

Lucas ThorntonManaging Partner ofHist:Re Partners, LLC

Nathan KerrVP & Branch Leader, Scott Insurance Roanoke

Carol TuningHuman Services Administrator,City of Roanoke

Daniel MerendaPresident, Council ofCommunity Services

Elizabeth Burgin Waller PLCPartner, Woods Rogers PLC



What’sNext

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 pre-development work for our fourth project, not to mention our consultant work, which has added two more National Register nominations to our portfolio.

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.

Villa Heights

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.

Golden Rule

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.

Dale Avenue

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.

Oak Hill School


FOR MORE INFORMATION

on Restoration Housing,

please contact

Executive Director, Isabel Thornton.

Tel: 540-797-0819

Email: [email protected]

www.RestorationHousing.org

@RestorationHousing

Restoration Housing

2018 annual report - restoration housing · villa heights received state and federal approval to...

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