VineBrook Homes Final Presentation | HR&A Advisors

VineBrook Homes Impact, Greater Cincinnati

December 2022

1
 01
Executive
Summary

VineBrook Homes Final Presentation | HR&A Advisors

 VineBrook Homes Final Presentation | HR&A Advisors
ABOUT THE STUDY

As a real estate company focused on affordability, quality, and value of their single-family homes for lease, VineBrook has
demonstrated its commitment to providing a variety of housing options and being a good citizen in the communities where it owns
homes. HR&A was engaged to evaluate and communicate VineBrook’s impacts and contributions in Cincinnati. HR&A’s analysis
focused on four areas to demonstrate VineBrook’s impact in the community and to respond to criticisms. Specifically, HR&A
analyzed housing market dynamics in the study area and VineBrook’s direct investment impact, property quality standards, rental
rates and rent escalation, and local community presence.

HR&A’S APPROACH

1. Housing market dynamics

Using publicly available data sources, HR&A analyzed housing market dynamics and trends over the last few decades
including housing supply and demand, age of housing stock, and barriers to homeownership.
2. Access to affordable rental housing
HR&A analyzed rents, rent increases, and residents’ housing cost burdens as well as VineBrook’s financial assistance
programs for residents.
3. Responsible property management and maintenance practices
HR&A analyzed VineBrook’s upfront and ongoing property management, maintenance expenses, and staff resources.
4. Impact on the local economy and community
HR&A analyzed VineBrook’s direct economic impact including job creation and investment in the community (including
charitable contributions).
3
 VineBrook Homes Final Presentation | HR&A Advisors
KEY FINDINGS

Housing market dynamics

o VineBrook primarily purchases older homes that are not available for purchase to individual homebuyers. 87% of VineBrook’s properties
bought between 2018-22 were renter-occupied at the time of purchase. These transactions did not shift owner-occupied homes to homes for
lease and were already investor-owned homes prior to VineBrook’s purchase.
o The size of VineBrook’s portfolio–<1% of Hamilton County’s housing stock–is insufficient to shift the homeownership rate.
o Larger market and regulatory forces are responsible for declining homeownership rates. These include limited new housing development,
higher home prices, and high mortgage denial rates.

Access to affordable rental housing

o Cincinnati MSA rents are an average of $330 higher per month than VineBrook rents. In 2021-22 YTD, MSA-wide rents increased 17.3% while
VineBrook rents increased just 6.6%. Rather than being a driver of increasing rents, VineBrook provides access to some of the most affordable
market rents in the MSA.
o VineBrook has facilitated $3.57M in rental assistance to 796 families including rental subsidies and rent forgiveness.

Responsible property management and maintenance practices

o From 2019–22 YTD, VineBrook spent an average of $27,000 per property to renovate it upon acquisition.
o Since entering the Cincinnati market, VineBrook has spent $62.5M in rehabilitation, repairs, and maintenance. In 2021, average spend per
completed rehabilitation was $24,000; in 2022 (YTD), it is $28,000.
o Between 2017 and 2022, VineBrook properties had only 0.2 code violations per year. The majority of these – 82% – are minor and require
limited action.

Impact on the local economy and community

o Over the last 14 years, VineBrook has grown its team in Cincinnati to 100 staff members, with $6.55 million wages paid annually.
o In 2021-22, VineBrook spent over $25 million on 413 trusted vendor partners.
4
 VineBrook is not negatively
impacting homeownership

VINEBROOK IS A SMALL PERCENTAGE OF THE

COUNTY’S HOUSING MARKET

VINEBROOK PURCHASES OLDER, INVESTOR-

OWNED RENTER-OCCUPIED PROPERTIES

HOMEOWNERSHIP RATES ROSE IN

NEIGHBORHOODS WHERE VINEBROOK
PURCHASED PROPERTIES
5
Image source: U.S. News, 2022
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IN THE MARKET
VineBrook’s purchases make up a small fraction of single-family home purchases (1.7%) in
Hamilton County and are predominately (75%) bought from existing investor owners.
VineBrook’s acquisitions constituted
HAMILTON COUNTY SINGLE FAMILY RENTAL STOCK HAS BEEN
DECLINING SINCE 2016

Single Family Rentals as a % of Hamilton County Housing Stock

1.7%
VineBrook VineBrook
IN THE Share
MARKET
of Hamilton County Housing Stock
of all single-family transactions
18%
from 2016–22
16%

14%
At 3,000 properties, VineBrook owns <1% of the
12%
12.81% total housing stock in Hamilton County (approx.
10% 11.59% 320,000 units).
8%
In 2021-22, 75% of these purchases have been from
6% existing investor owners, i.e., these homes were not
4% made available to individual homeowners.
2%
0.28% 0.64% Further, 87% of VineBrook’s properties bought
0% between 2018-2021 were renter-occupied at the
2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 time of purchase. These purchases represent a
change in ownership, but not a decrease in the
housing stock available to homeowners.
Note: Single-family rentals (SFRs) are single-family homes that are rented out to residents.
Source: ACS 1-Year Estimates & ACS 5-Year Estimates; Hamilton County Auditor Tax Year Information; 6
VineBrook data
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | HOMEOWNERSHIP RATE
The homeownership rate has risen and outperformed the County in
census tracts where VineBrook owns properties.

HAMILTON COUNTY HOMEOWNERSHIP RATE (2010-2020)

+0.7% -1.1%
Change in Change in
70% 68.4% homeownership homeownership
66.3% rate in VineBrook rate in Hamilton
65.4%
65%
64.4% tracts, County (overall),
2014-2019 2014-2019

The size of VineBrook’s portfolio relative to market

60% 60.9% 58.5% sales is insufficient to shift the homeownership rate.
In the period from 2017 through 2020, VineBrook
56.4% purchased 1,297 properties compared to 70,000
55% total single-family transactions over the same
period.

50% Since 2010, homeownership rates in the US, Ohio,

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 and Hamilton County have declined as a result
Hamilton County Ohio U.S. larger market forces. Counter to these trends,
homeownership rates have risen in the census
Method: Change in homeownership is the change in owned homes over the change in occupied homes;
tracts where VineBrook owns homes.
VineBrook tracts are defined as Census Tracts in which VineBrook owns more than 1% of the housing stock. 7
Source: ACS 1-Year Estimates & ACS 5-Year Estimates
 Market dynamics over the last decade
have made becoming a homeowner
more difficult

INSUFFICIENT NEW HOUSING HAS

CONSTRAINED THE AVAILABLE INVENTORY
AND RESULTED IN HIGHER HOME PRICES

HIGHER HOME PRICES HAVE RAISED THE

INCOME AND DOWN PAYMENT REQUIRED TO
BECOME A HOMEOWNER

HIGH MORTGAGE DENIAL RATES IN

HAMILTON COUNTY ARE A SIGNIFICANT
BARRIER TO FIRST-TIME HOMEBUYERS

SYSTEMIC RACISM IN THE MORTGAGE

ORIGINATION PROCESS POSES BARRIERS FOR
HOUSEHOLDS OF COLOR 8
Image source: WCPO ABC Cincinnati, 2022
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | HOUSING SUPPLY
New household formation has outpaced housing starts since 2010 leading to low
inventory for homebuyers and renters alike in Hamilton County.
HOUSEHOLD FORMATION VS. HOUSING STARTS (2010-2020)

20,000 One of the key barriers to homeownership in

19,673 New
Construction
5,896 Hamilton County is limited housing supply. Like
18,000 Households
Gap much of the US, new housing starts in the County
16,000 fell after 2008. In the last decade, Hamilton County
added 70 new housing units for every 100 new
14,000 households formed.
13,777
12,000 Units
The recommended ratio for housing units to
10,000 households formed is 1.2 (Joint Center for Housing
Studies, Harvard University). The margin accounts for
8,000 the replacement of older housing units, geographic
shifts in the population across markets, and a
6,000 natural vacancy rate required for a well-functioning
4,000
housing market.

2,000 In the same time period, Cincinnati lost 4% – nearly

6,000 – of its housing units, likely a result of its aging
0 housing stock.
Households Formed Housing Starts
Note: New housing units includes new, privately-owned housing units (rented and owned), excluding “HUD-
code” manufactured homes).
Sources: ACS 5-Year Estimates & Building Permits Survey; HUD Office of Policy Development and 9
Research (PD&R); Joint Center for Housing Studies (JCHS) of Harvard University
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | HOUSE PRICES
The low inventory of homes has increased competition for housing
and driven up prices.
CINCINNATI MSA CHANGE IN HOME PRICES VS. INVENTORY
(2016-2021) 1.9 mos.
10,000 $250,000 Supply of inventory (for
9,055
9,000 $215,645 home sales) in Dec. 2021
8,000 $182,607 $200,000

8.5 mos.
7,000 $160,294
Housing Inventory

$138,625

Housing Price
6,000 5,643 $150,000

5,000 Supply of inventory (for

home sales) in Dec. 2012
4,000 $100,000

3,000 2,486 The decrease in housing inventory has exerted

2,000 $50,000 upward pressure on home prices. From 2019-21,
the median single-family home price in Cincinnati
1,000
increased 25%, by $44,000, from $172,000 to
0 $0 $216,000.
2016 2017 2018 2019 2020 2021

Housing Inventory Housing Price

Further, from 2021-22, building permits for single-
family homes decreased 8.8% in Hamilton County,
Note: Housing inventory is defined as the count of active single-family and condo/townhome listings for a given compared to an increase of 7.8% in the US.
market during the specified month (excludes pending listings)
Source: Zillow ZHVI; FRED Housing Inventory; Redfin City Guide; HUD Office of Policy Development and 10
Research (PD&R); National Association of Realtors (NAR)
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | BARRIERS TO HOMEOWNERSHIP
Higher home prices have led to a drastic increase in income required to buy a median
priced home and larger down payments, raising the barrier to becoming a homeowner.

CINCINNATI MSA INCOME REQUIRED TO BUY VS. MEDIAN INCOME**

$100,000 $93K
Another key barrier to homeownership has been
$90,000
that median income rose slower than the median
$80,000 $29K home price. From 2015-22, median income
$70,000 increased by 30% (to $66,000) while the median
$62K
$55K
home price doubled to $271,800.
$60,000 $66K
$4K $60K
$50,000 As of November 2022, the income required to buy a
$51K $37K
$40,000 $33K median priced home is $29,000 higher than median
$27K household income. This gap jumps to $57,000 for a
$30,000
median renter.
$20,000
$10,000 Higher home prices also translate into higher down
$0
payment requirements. To purchase a median
2015 2016 2017 2018 2019 2020 2021 2022 priced single-family home, households need
Pre-COVID COVID-19
$54,400 in savings to avoid paying mortgage
insurance.
Income Required to Buy Median Priced Home Median Renter Income Median Income

Note: ** Assuming incomes increased 4% annually in 2021 and 6.5% in 2022

Method: Savings requirement ($54,360): Assuming 20% down payment on a median priced home ($271,800) and interest rate of 6.58% 11
Source: Zillow Single-Family ZHVI; ACS 5-Year Estimates; HUD PD&R Housing Market Profile
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | BARRIERS TO HOMEOWNERSHIP
High mortgage denial rates in Hamilton County limit the number of
first-time homeowners.
There are a number of factors contributing to the
MORTGAGE DENIAL RATES IN HAMILTON COUNTY CENSUS TRACTS, BY
high mortgage denial rates in Hamilton County.
PROPERTY VALUES
Hamilton County has some of the oldest single-
family housing stock in the country. The median age
of single-family homes in the County is 65 years,
compared to 46 years for across the US. 93% of
Hamilton County’s housing stock was built before
2000, i.e., are “older” homes. Older homes often do
not meet the property condition requirements for
mortgage loans – handrails, updated electrical, etc.
Mortgages are either denied or the homes are sold
to cash buyers, usually investors, who can make the
repairs and upgrades without a mortgage.

Across Hamilton County, mortgage denial rates have

Property Value Denial Rate
been highest in areas with low property values. Low
$0-100K 0-15%
appraised values make it hard for homebuyers to
$100-125K 15-20% make competitive offers for properties. Lenders are
$125-150K 20-25% also less interested in making smaller mortgages, as
$150-200K 25-30% Note: Homes that are reaching the age of a first roof replacement are they are generally less profitable. Between 2009 and
considered “older” homes. Roofing typically lasts between 20-30 years.
$200K+ 30%+ National Association of Home Builders (NAHB) and Homes.com
2018, the prevalence of small mortgages, i.e.,
<$150,000, fell by 64%.
Source: ACS 5-Year Estimates; Hamilton County Auditor; Home Mortgage Disclosure Act (HMDA); Pew Research 12
Center
 VineBrook Homes Final Presentation | HR&A Advisors
HOUSING MARKET DYNAMICS | BARRIERS TO HOMEOWNERSHIP
Systemic racism in the mortgage origination process and overall housing
market are also significant barriers to homeownership in Hamilton County.
MORTGAGE DENIAL RATES IN HAMILTON COUNTY CENSUS TRACTS, BY
PERCENT MINORITY POPULATION The low-property value areas, where denials are
higher, largely track with higher numbers of
households of color. The median property value in
majority minority tracts is $114,300, 40% less than
the $187,550 in a 50th percentile majority White
census tract. The lower appraised values make
achieving homeownership in these neighborhoods
more difficult than in other parts of the county.

Between 2007 and 2017, the mortgage denial rate

for Black applicants was twice that for White
applicants (35% vs 17% respectively).

This disparity in property values and the well-

documented systemic biases in the appraisal
Minority % Denial Rate
process contribute to the lower homeownership
0 – 5% 0-15%
rate among households of color and depress
5 – 25% 15-20%
Hamilton County’s overall homeownership rate. In
25 – 50% 20-25% 2020, Black and Hispanic households had
50 – 75% 25-30% ownership rates of 33% and 40% respectively,
75%+ 30%+ compared to 69.5% for White households.
Source: ACS 5-Year Estimates; Hamilton County Auditor; Home Mortgage Disclosure Act (HMDA); Pew Research 13
Center
 VineBrook provides quality,
affordable rental housing

VINEBROOK RENTS AND RENT INCREASES ARE

BELOW MARKET

THE AVERAGE VINEBROOK RESIDENT IS NOT

COST BURDENED

VINEBROOK PROVIDES ASSISTANCE TO HELP

RESIDENTS MEET SHORT- AND LONG-TERM
FINANCIAL GOALS
14
Image source: Wall Street Journal, 2022
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | RENTAL AFFORDABILITY
More affordable than the average rental property in Cincinnati MSA, VineBrook
provides access to affordable rental housing that is suitable for families.
AVERAGE SINGLE-FAMILY RENT, CINCINNATI MSA VS. VINEBROOK

1,600
+24%

$1,455 17.3% 6.6%

1,400 MSA-wide annual VineBrook annual
+19%
$1,172 rent increase, rent increase,
1,200 2021-22 YTD 2021-22 YTD
$981
1,000 $1,125
VineBrook rents have consistently been more
$960 +17%
800 $871 +10%
affordable than MSA rents for the last seven years.
Today, MSA single-family rents are an average of
600 $330 higher than VineBrook rents. Since the start of
COVID-19, the average MSA single-family rent
400 increased by $283, whereas VineBrook rent
increased by only $165.
200
Pre-COVID COVID-19 Further, the average VineBrook resident spends
0 26% of their income on housing costs, i.e., is not
2015 2016 2017 2018 2019 2020 2021 2022 rent-burdened. VineBrook residents are considered
VineBrook Cincinnati MSA low-income, making an average of $68,000 or 80%
of the area median income (AMI).
Note: Rent-burdened households spend more than 30% of their income on housing. 15
Sources: Zillow Observed Rent Index (ZORI); VineBrook Data
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | RESIDENT SUPPORT
VineBrook provides financial assistance to help residents weather
short-term hardships…

“ I am a long-term tenant with

an expiring lease. I couldn’t
$3.57M
Total rental assistance
facilitated to
households
796
Families received
assistance to
weather financial
find a new place due to hardships
refusals to show and poor
credit…I asked if I could be on
During the pandemic, VineBrook established the
a month-to-month lease and Hardship Program to help families that could not
make full rent payments find alternatives to eviction.
was assisted during this VineBrook offers repayment plans that either (i)
difficult time.” grant subsidies lowering future payment due, or (ii)
forgive rent reducing current rent owed.
- Long-term VineBrook resident
Currently, 184 families are receiving rental
assistance.

Note: Rental assistance provides protection against penalties for nonpayment (such as eviction and late fees) by
temporarily or permanently forgiving rent. VineBrook verifies need for assistance with federal and employer 16
documentation and by contacting nonprofits and local jurisdictions.
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | RESIDENT SUPPORT
…and skills training to improve their financial health, paving the
path to long-term stability.

800+
VineBrook residents have received financial
literacy training through Operation Hope

VineBrook provides training to set residents up for

long-term financial stability.

In 2021, VineBrook partnered with Operation HOPE

and developed the Community Uplift program to
Budgeting Renter Rights Goal-Setting help residents weather rainy days safely and plan for
whatever future they seek.

The Program offers free consultations and resident

workshops led by an experienced financial wellbeing
coach. Individual sessions help residents set and
achieve feasible budgets and attainable goals, while
credit literacy training enables residents to raise
Credit Literacy Debt Management their credit scores and apply for small business,
personal, and mortgage loans.
17
 VineBrook invests in and maintains its
properties at a high level of quality

VINEBROOK INVESTS IN UPFRONT

REHABILITATION OF ITS PROPERTIES

VINEBROOK INVESTS IN THE ONGOING

MAINTENANCE AND REHABILITATION OF ITS
PROPERTIES

MOST CODE VIOLATIONS AT VINEBROOK’S

PROPERTIES ARE MINOR
18
Image source: VineBrook Homes
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | PROPERTY MANAGEMENT
VineBrook invests in properties by substantially improving the living
spaces and conditions for their residents.

1299 Bellune Drive 192 days

Average turnaround from
Total Repairs: $45,788
acquisition to lease
VineBrook turned the property from vacant, uninhabitable, and with code
violations to high-quality with new wood and tile flooring, fixtures, paint, plumbing, VineBrook invests in upfront property rehabilitation.
electric, and HVAC system, turning a property at-risk of demolition to a new, From 2019–22 YTD, VineBrook has spent an average of
affordable rental unit. $27,000 to renovate a property upon acquisition,
including updating appliances and building systems,
and repairing outdated interiors.

When acquiring properties at-risk of abandonment and

in need of substantial investment, VineBrook makes the
necessary repairs sometimes spending in excess of
$50,000 to create decent and affordable rental units
habitable for Cincinnati families. In doing so, VineBrook
prevents properties from falling into economic
obsolescence. Owner occupants, if they could secure a
mortgage for older properties, are unlikely to be able to
make the large upfront investment to renovate
properties.
19
Note: “Economic Obsolescence” is depreciation of a property’s value that exceeds the value of the home.
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | PROPERTY MANAGEMENT
VineBrook rehabilitates old single-family stock by investing in
upfront and ongoing repairs and maintenance.

REHAB, REPAIRS, AND PROPERTY TAXES (2021-22 YTD)

$28.7M
Total expenditure on rehabilitation,
repairs, maintenance, and property
taxes 2021-22YTD

$13,336,358 $7,865,827 $7,490,484

In addition to upfront investments in its properties,
VineBrook also maintains properties over the course
of their ownership. In 2021-22, VineBrook spent
$7.8 million on repairs, maintenance, and turnover.

In the same period, $13.3 million was spent on

rehabilitating units at acquisition, for an average of
0% 20% 40% 60% 80% 100% $24,000 per rehabilitated unit in 2021 and $28,000
Rehab Repairs, maintenance, and turnover Property taxes
in 2022.

Note: “Rehabilitation” refers to property renovation at the time of purchase; “Repairs, maintenance, and
turnover” refers to ongoing repairs and maintenance. 20
Source: VineBrook Data
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | PROPERTY MANAGEMENT
Most code violations (99.6%) on VineBrook’s properties are minor
and quickly addressed.

0.2
CODE VIOLATION RESPONSES

Number of code violations

18.1% 0.4% per property per year
(2017-22)
Routine Zoning or
Systematic or lease issues
structural changes

The majority – 81.5% - of VineBrook’s code violations

required limited action, i.e., light landscaping or

81.5% lighting or an informational response. 18% of their

code violations are routine systemic or structural
Minor changes, and <0.5% are related to zoning or lease
Non-systematic or
structural changes issues.

21
Source: VineBrook data
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | PROPERTY MANAGEMENT
VineBrook has a dedicated property management team to respond
to resident complaints and maintain properties.

41
dedicated property management staff
ensure quick responses to resident
questions and issues

“ “
VineBrook Homes Resident App

The maintenance department Simple and easy. Rented here

has been quick and effective. for eight years and never had
Every maintenance request had issues with calling in or paying
been resolved quickly and we but love the app! I definitely
are so grateful for everything prefer the ease of using an app
thing you have done thus far.” over the desktop version.”
- Rica, VineBrook Resident - James, VineBrook Resident
22
 VineBrook contributes to Hamilton
County by creating jobs and investing
in the community

VINEBROOK HAS CREATED JOBS,

CONTRIBUTING TO THE LOCAL ECONOMY

VINEBROOK REHABILITATES AND RETURNS

VACANT AND BLIGHTED HOMES TO THE
MARKET

VINEBROOK IS COMMUNITY-FOCUSED AND

SUPPORTS LOCAL CHARITABLE
ORGANIZATIONS
23
Image source: Habitat for Humanity, 2019
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | LOCAL ECONOMIC GROWTH
In the past decade, VineBrook has grown its employee base creating
local jobs and contributing to economic growth in Hamilton County.
VINEBROOK LOCAL EMPLOYEE COUNT

15 VineBrook is not an out-of-town landlord. The

company began its operations in Cincinnati in 2008
and continues to grow its team with almost 100
41
dedicated property management, development, and
support staff members, and 15 positions expected
32 115 to be filled.

VineBrook contributes greatly to the local economy,

with about $6.55M in wages paid annually to
employees, and over $25M directly spent on among
27 413 trusted vendor partners as of June 2022.
Further, VineBrook pays an average of $1,900 on
annual property taxes per home.

Property Management Development

Support Open Positions

Note: Property management staff covers portfolio management, leasing and retention, and service
management. Rehab staff covers construction admin., management, and inspection. 24
Source: VineBrook Data
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | NEIGHBORHOOD STABILIZATION
VineBrook’s long-term presence and ongoing property maintenance
have a positive impact on neighborhood stability.

CHANGE IN MEDIAN PROPERTY VALUES, 2015-22

VineBrook’s long-term presence and property

VineBrook neighborhoods Cincinnati rehabilitation helps stabilize neighborhoods. Since

+125% +75%
2008, VineBrook has rehabilitated and brought back
1,742 previously vacant homes into the housing
market in Hamilton County. Since inception,
VineBrook has invested over $400M in the market.

$82,500 $136,500 Further, VineBrook has owned nearly one-third of its

portfolio – 929 homes – for more than six years,
indicating the company’s intent to be a long-term
participant in the market.

Between 2015 and 2022, home value appreciation

in VineBrook neighborhoods outpaced that in
$186,000 $237,500 Cincinnati by 50%.

Note: Neighborhood stabilization includes – (i) the rehabilitation of vacant or foreclosed residential properties,
(ii) long-term presence in the community, and (iii) increase in property values.
‘VineBrook neighborhoods’ refers to neighborhoods where VineBrook owns >10 properties 25
Source: VineBrook data; Zillow Home Value Index (ZHVI)
 VineBrook Homes Final Presentation | HR&A Advisors
VINEBROOK IMPACT | COMMUNITY SUPPORT
VineBrook works with local nonprofits and supports charitable
organizations with monetary and in-kind donations.
VineBrook team members work on building a new home for Habitat for Humanity, July 2022

26