PEORIA, Ill. (WMBD) — Purchasing a home in Peoria could be that much easier for those in need of financial assistance.
Wednesday, the City of Peoria’s Community Development Department launched the 2022 Down Payment Assistance Program, which will provide homebuyers within Qualifying Census Tracts (QCTs) down payment assistance.
This will be in the form of either $5,000 or, up to 10% of the purchase price of a single-family home purchase at or below $125,000 with a primary mortgage.
The program is funded using $250,000 from the federal American Rescue Plan Act, or ARPA.
To qualify, the homebuyer must have a signed contract for the home, have an approved primary mortgage, and closing date. The homebuyer must agree to own and live in the home for at least two years following closing, and they may not owe any fees or fines to the city.
When an applicant is selected, the assistance payment will be sent directly to the closing company or the closing attorney.
Qualifying homes must be located within a Qualified Census Tract (QCT) as determined by the 2020 Census. To find those homes, click here then select “qualifying census tracts” from the dropdown menu under “neighborhoods” on the toolbar at the top of the page.
“These neighborhoods include much of the housing stock on the East Bluff, the West Bluff, Center Bluff, as well as the North Valley, Averyville, and the southside of Peoria. This program invites long-time community members and transplants to re-visit our oldest neighborhoods, with their rich history,” said Mayor Dr. Rita Ali.
Joe Dulin, director of community development for the City of Peoria, said the city will have ARPA funds remaining for 2024 and 2025, and the program could extend into additional years.
“If the program’s successful and we see a lot of demand, I think it’s something our council and mayor would be very supportive of,” Dulin said.
Applications will be accepted beginning at 11 a.m., Wednesday, May 25. Applications will be accepted and reviewed until the funds are spent and can be found here.
For more information, contact the City of Peoria Land Bank at (309) 494-8600 or firstname.lastname@example.org.