Peoria Affordable Housing Initiative "I want everyone to know that because of this program, everyone now has a chance to own their home. They don't have to keep moving from house to house...I've moved five times before, but this is the last time. I'm not going anywhere!"

Okpara, L.P. is a housing partnership which owns the Peoria Affordable Housing Initiative project. Phase one of this project was the construction of eighty (80) single family homes on Peoria's Southside. These homes are available to families whose income does not exceed 60 percent of the median income for Peoria County.

A second phase of building, consisting of 60 additional homes, has been completed.

Construction of all 140 homes was made possible through the Low Income Housing Tax Credit program, by the Illinois Housing Development Authority.

Okpara, L.P. is required by law to retain ownership for fifteen (15) years. The partnership, in a demonstration of its commitment to revitalizing our neighborhoods, will allow the occupants of the homes to purchase them after the fifteen year mandatory requirement has expired. Okpara L.P. believes that it will take home ownership to revitalize the Southside.

The purchase price will be no greater than the initial mortgage on the home. The mortgage is less than forty percent of the cost because of a substantial equity injection by the limited partner.

Underwriting Guidelines

Credit checks for all adult occupants of the residence.

• No negative credit (above a 3 rating) for the last two years
• No bankruptcy in the last 3 years
• No Civil or governmental judgments within 3 years.

Criminal background checks for all adult occupants

• Pending felons, drug dealing and physical or sexual abuse felonies will be possible grounds for denial.

Previous rental history

• Home visit at current residence
• Must have at least one year of verifiable rental history with timely payment of rent. If not, the Management may refuse rental or will require first and last month rent for the first year and double security deposit. Applicant with record of eviction(s) within 3 years will be denied.
• Utilities reference.

Drug testing for all adults

• No illegal drugs will be tolerated.

Income and Rent

• Income must be verified.
• Head of household cannot be a full time student unless they have children that they have claimed as a dependent on their income tax forms.
• Rent is determined by household income and how many people live in the house.

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For more information on the Peoria Affordable Housing Initiative, call (309) 673-1508.

Developers

Financing

To request further information, please click here.