PEORIA, Ill. (WMBD) — The Pritzker administration awarded $55 million to improve housing accessibility and stability for vulnerable residents, and an apartment complex in Peoria was awarded $4.1 million.

The money will be used to rebuild and develop Madison Apartments III on Northeast Madison Avenue, a housing unit for homeless residents ages 18 to 24 who aged out of the Illinois Department of Children and Family Services. It will be a four-story development with 16 studio and one-bedroom units, sponsored by the Phoenix Community Development Services.

The complex will provide housing and supportive services for homeless residents who have 12-month leases, which can be renewed after the year is over.

The CEO of Phoenix Community Development Services Christine Kahl said she is excited to bring additional housing to those who need it.

“This was the second year that we submitted. So, last year the project was not awarded funding, but when that happens, there’s usually a period of time to talk to the funder about what they want to see improve in the application. So we were pretty excited to get approved this year,” said Kahl.

An additional $1.1 million was awarded to the organization over the next 15 years to keep the property up and running.

The Madison Apartments III is one of three housing units run by Phoenix. Madison Apartments I is open, while Madison II will be hosting a ribbon-cutting ceremony on Feb. 17.

Kahl said that the hope is that the apartments will be completed and ready for move-in by the summer of 2023.