Restoration Housing has announced that they have completed the historic rehabilitation of their seventh home in Roanoke and their fourth within the Belmont neighborhood of Southeast Roanoke.
The circa 1903 structure located on the corner of 10th Street and Stewart Avenue was vacant for several years before undergoing a major renovation that began in the Fall of 2023 and just wrapped up this week. Prior to the rehab, the property was owned by the same family for several decades and had been a loving home that was well-maintained by them for generations.
Now after this major restoration, it will serve as affordable rental housing for a family of four making approximately 50% of the area median income. 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 rent affordable.
They received funding from Carter Bank and Trust, an affordable housing program from the Roanoke Valley-Alleghany Regional Commission (in partnership with Virginia Housing) as well as Community Development Block Grant funds through the City of Roanoke’s HUD office.
The program partners will gather in a joint ribbon cutting celebration on June 18th at 10:00 am to commemorate the completion of construction.
Other construction sources were obtained through local foundations as well as through the use of Historic Tax Credits with an overall reinvestment in the property of over $300,000.
“Restoration Housing is thrilled to see this project wrap up on a great block in Southeast Roanoke. It is our second project on this street and we’ve been proud to watch the continued reinvestment occurring all around us both from our neighbors and other nonprofits such as Habitat for Humanity of the Roanoke Valley. There is a strong feeling of community engagement here and a sense that we are all working together to bring more investment to this historic section of Roanoke,” said Executive Director Isabel Thornton.
Acquired by Restoration Housing in early 2023, this project will be the seventh rehabilitation overhaul for the nonprofit organization, which began in 2014. Chad Brown of Square One General Contractors performed the renovation and Jeff Wood Designs completed architectural drawings. Each project of the organization uses historic tax credits to offset construction costs and keep rents affordable.
Published June 14, 2024 by The Roanoke Star
