RESTORATION HOUSING INC

OUR ORGANIZATION BEGAN 2024 BY PURCHASING OUR EIGHTH HISTORIC PROPERTY AFTER RECEIVING A SUBSTANTIAL GRANT FROM AETNA BETTER HEALTH OF VIRGINIA. IT IS LOCATED IN THE MOUNTAIN VIEW NEIGHBORHOOD OF OLD SOUTHWEST ROANOKE AND IS OUR FIRST RESIDENTIAL TREATMENT PROJECT. WE SIMULTANEOUSLY BEGAN APPLYING FOR GRANTS TO COVER THE CONSTRUCTION COSTS TO REHAB IT (AND RECEIVED FUNDING FROM THE VIRGINIA OPIOID ABATEMENT AUTHORITY TO COVER MOST OF THE COSTS, IN ADDITION TO OTHER FOUNDATION AND GRANT SUPPORT). WORK COMMENCED IN JULY AND WAS ONGOING THROUGH SPRING OF 2025. WE ALSO PURCHASED OUR NINTH AND TENTH PROPERTIES THE SAME YEAR. WE USED TAP'S LAND BANK FUNDING TO PURCHASE 305 MOUNTAIN AVENUE (TRINITY COMMONS) IN MARCH OF 2024, WHICH WILL BE FIFTEEN UNITS OF ELDERLY AFFORDABLE HOUSING ONCE COMPLETE IN SPRING OF 2026. AND WE USED THE LAND BANK AGAIN TO PURCHASE 319 DALE AVENUE, WHICH CLOSED IN NOVEMBER OF 2024 AND WILL BE TWO UNITS OF PERMANENT SUPPORTIVE HOUSING ONCE COMPLETE IN MID 2026. 930 STEWART AVENUE, OUR SEVENTH REHAB PROJECT, FINISHED CONSTRUCTION IN JUNE OF 2024 AND WAS PROMPTLY LEASED TO A FAMILY MAKING 50% OF THE AREA MEDIAN INCOME. WE ACCOMPLISHED OUR TWO MAIN EVENTS FOR THE YEAR- OUR ANNUAL FUNDRAISER, WHICH WAS AN IN-PERSON LUNCHEON IN SEPTEMBER AND OUR ANNUAL COMMUNITY PARTNERSHIP DAY, WHICH WE HELD AT OUR MOST RECENT REHAB PROJECT- 930 STEWART. THIS YEAR, WE ALSO CELEBRATED OUR TENTH ANNIVERSARY AS AN ORGANIZATION SO WE HOSTED A CELEBRATORY PARTY AT THE FUTURE CONSTRUCTION SITE OF TRINITY COMMONS IN JULY. THROUGHOUT THE YEAR, WE ALSO ACCOMPLISHED OUR ON-GOING WORK TO BE GOOD STEWARDS OF OUR PROPERTIES AND TO BE RELIABLE LANDLORDS TO OUR AFFORDABLE HOUSING UNITS. WE SPENT A LOT OF THE THIRD AND FOURTH QUARTER OF THE YEAR PREPARING FOR OUR UPCOMING PROJECTS, WHICH INCLUDE THE REHAB 319 DALE AVENUE, AND APPLYING FOR CONSTRUCTION GRANTS AND PREPARING FOR TAX CREDITS.