PEORIA, Ill. – People buying homes in some specific areas of Peoria now could be eligible for some financial assistance.
The city has started a down payment assistance program with some federal American Rescue Plan money, giving soon-to-be homeowners up to $5,000 of assistance, if they’re buying a home in…
“…neighborhoods in our Qualified Census Tracts,” said Ali. “These are our legacy neighborhoods. These are the neighborhoods that make up our history as a city, and make our city a vibrant place to live and work.”
Places, Ali says, which are the East Bluff, West Bluff, Center Bluff, North Valley, Averyville, and the South Side.
Local realtors are all in favor of the program.
“The benefit of this grant the city is launching today can actually be stacked with other down payment assistance programs,” said Jennifer Hamm, CEO, Peoria Area Association of Realtors. “That’s a huge benefit for people wanting to get in to home ownership.”
While the neighborhoods are targeted based on the census, it’s not necessarily just for low-income residents, as there are no income restrictions on the grant money, but Ali says there is a group she wouldn’t mind seeing some of the money to.
“They may be renting, and it’s oftentimes cheaper to actually buy in terms of what you’re putting out monthly, then to actually rent. It’s an opportunity for people to actually save some money and to own their own property.”
CLICK HERE for more information on the grant assistance program.
