Peoria opens down payment assistance program - Heart of Illinois ABC

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PEORIA (Heart of Illinois ABC) - The city of Peoria wanted to revitalize the community. This year, city officials put $2.5 million into the mission in a variety of ways. One way - a down payment assistance program.

“Homeownership is empowering and rewarding,” Peoria Mayor Rita Ali said.

There was a total of $200,000 dollars available in the federally funded program.

Qualifying homebuyers could receive up to $5,000 or 10% of their down payment on a house worth up to $125,000 or less.

“You have to have a mortgage so that’s why we really encourage you to work with a realtor,” Peoria director of community development Joe Dulin said.

The homes needed to be within the qualified census tract - that included much of the city, the east bluff and the southside.

“It allows community members to build equity and offers them the opportunity to call Peoria home for many years to come,” Ali said.

The benefit of this program could be the deciding factor for a hopeful home buyer - there were no credit score minimums along with less “red tape”.

Adam Lofgren from Flat Branch Bank said they saw a lot of people who did not qualify for most grant programs and were getting a chance at homeownership through this one.

“It is our hope that this program ignites reinvestment in our neighborhoods and continues to foster pride in our community,” Ali said.

Copyright 2022 Heart of Illinois ABC. All rights reserved.

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