Restoration Housing has announced that they have completed the historic rehabilitation of their sixth home in Roanoke. The circa 1900 structure located in the Belmont neighborhood of Southeast Roanoke sat vacant for many years before undergoing a major renovation over the course of 2022 and is now serving as affordable rental housing for two families.
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. They received funding from a pilot program from the Roanoke Valley-Alleghany Regional Commission (in partnership with Virginia Housing) as well as HOME funds through the City of Roanoke’s HUD offices.
The programs will partner in a joint ribbon cutting celebration on November 10th at 10:00 am to commemorate the completion of construction.
The Roanoke Valley Alleghany Regional Commission’s Housing Development Program was made possible through a $2 million grant in 2021 from Virginia Housing’s Planning District Commission statewide housing program. This grant funding provides for the actual production of new affordable and workforce housing units that can serve as a model for further development within the Roanoke Valley-Alleghany Regional Commission service area.
This includes rental and homeownership units, new construction, acquisition/rehab/repair of existing vacant units, or adaptive reuse of existing structures to incorporate housing units. Additionally, the funding seeks to increase the inventory of affordable housing units in underserved markets and among historically marginalized tenants and first-time homebuyers. Other construction sources were obtained through local foundations as well as through the use of Historic Tax Credits.
“Restoration Housing is proud to continue in our efforts to reinvest in the Belmont neighborhood of Southeast while also creating two affordable housing opportunities for Roanoke families. We couldn’t have accomplished this project without the generous support of our public funders and we are very grateful for their awareness of the need for more affordable housing in our community”, said Executive Director Isabel Thornton.
Acquired by Restoration Housing in late 2020, this project will be the sixth rehabilitation overhaul for the nonprofit organization, which began in 2014. Smith Mountain Lake-based TBS Construction performed the renovation and Jeff Wood Designs completed architectural drawings.
Each project of the organization has used historic tax credits to offset construction costs and keep rents affordable.
