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Restoration Housing

 

Raised: $1010Remaining: $3990


RESTORATION HOUSING   

Mission

Our mission is to create and assist in the development of quality affordable housing through the preservation of existing, historic buildings.  We believe that providing low-to-moderate income renters with affordable housing opportunities results in a healthier and more sustainable neighborhood.

Scope
Restoration Housing identifies and develops the rehabilitation of existing structures that can either be preserved or adapted for reuse as affordable housing.  Restoration Housing’s development works on a unique model, which combines historic tax credits, in-house schematic drafting, tax credit syndication, and construction management. Ultimately, our developments are intended to enhance both timeless buildings and sustainable neighborhoods.

Projects
·  In among large homes built at the turn of the century in Old Southwest Roanoke, the rehabilitation of 530 Day Avenue has been underway since the fall of 2015.  It has been transformed into two separate and high-quality rental units to accommodate two low-income families.

530 DAY AVENUE before ...

BEFORE...

530 DAY AVENUE after ...



·  The acquisition of 1018 Patterson Avenue in Roanoke City is the second rehabilitation project for Restoration Housing.  We are in the process of applying for Historic Tax Credit Applications to ensure that we can use tax credit equity in the rehabilitation overhaul necessary to make this a beautiful rental home for two low-income families.

1018 PATTERSON AVENUE before ...



Community Needs
·  Over 37% of US households are renters today (an exponential rise in the last ten years) and households with the lowest-income are the largest growing percentage of renters in America (49%).

·  In Roanoke City, 21.9% of our residents live below the poverty level (which is equivalent to two minimum wage incomes) and need subsidized rents in order not to be cost burdened for housing.

·  The median year that Roanoke city houses were built is 1940- revealing that our housing stock is, on average, over 75 years old and much of which is in desperate need of investment and repair.