PEORIA, Ill. (WMBD) — The Peoria Housing Authority’s Taft Homes will be torn down, and a new development will be built, now that money has been awarded for the project.
In a news release Friday, the Peoria Housing Authority said the Illinois Housing Development Authority’s Board of Directors voted to award “Multifamily 9% Federal Low-Income Housing Tax Credits” to the authority and Bear Development, LLC, the firm in charge of the project. The total development cost, PHA officials said, is expected to be $45 million.
“This LIHTC Award will allow the PHA to complete its third and final phase of its redevelopment of Taft utilizing the U.S. Housing and Urban Development’s Rental Assistance Demonstration of the Taft site,” a press release said. “Phases 1 and 2 consisted of transferring assistance to Access Peoria, which serves disabled families, and East Bluff, which is a new construction family development that broke ground earlier this year.”
PHA said discussion of redeveloping Taft Homes started in 1996, when some homes were torn down. Work didn’t begin in earnest, however, until 2019, when PHA said it entered into an agreement with Bear.
The news release said demolition and construction will begin in April, 2021, and is expected to take 30 months.
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