Program Overview:

The South Village Homeowner Rehab Program is an Affordable Housing Program (AHP) grant awarded to Peoria Citizens Committee for Economic Opportunity (PCCEO) and Busey Bank by the Federal Home Loan Bank of Chicago. This grant provides up to $15,000 of assistance to income-eligible, property owners of single-family residential properties, on parcels within the boundary (see map below) of the South Village TIF. A total of 24 homes will be rehabilitated, primarily roof replacements. Contract for Deed Properties are excluded. The purpose of the program is to maintain the owner-occupancy rate, improve the outward appearance of homes and increase the assessed valuation of properties within the South Village TIF Boundaries.

South Village TIF Boundary

South Village TIF Map Boundary

The program requires homeowners to finance 25% of renovation costs, with the AHP grant covering 75% or up to $15,000. Homeowner funds can be procured from two sources and must be presented at the time of contract signing. Income-eligible Homeowners may qualify for City of Peoria TIF funding from the South Village TIF Fund to meet their 25% match. Busey Bank will offer five (5) year loans to qualified homeowners.

Level of Assistance:

The South Village Homeowner Rehab Program will provide up to $15,000 in assistance to twenty-four (24) homeowners for the following improvements ONLY:

Roof Replacement (Primarily)
Electrical – complete house (Limited)

Eligibility:

1. Property must be located within the boundary of the South Village TIF.

2. Property must be a single-family residential property.

3. Applicant(s) must own and occupy the property.

4. Applicant must meet household income requirements. (listed below)

Income Eligibility Chart (Total maximum yearly allowable income per household. Limits subject to change as updated by HUD. If applicable, updates will be made at time of application).

Family size

Low Income

(≤80% AMI)

Low Income

(60% AMI)

1

$43,050

$32,340

2

49,200

35,960

3

55,350

41,580

4

61,500

46,140

5

66,450

49,860

6

71,350

53,580

 

All applicants must include the following documents:

1. Proof of income for all persons in the home age 18 years or older. (Not limited to the following examples)
Completed and signed IRS Tax Return (1040) – 2 years
Three (3) consecutively dated paystubs
Social Security of Supplemental Security Income Notices
2. Copy of recorded deed as proof of ownership. (PCCEO can access a copy if owner cannot be located.)
3. Homeowner Insurance declaration page.
4. Paid receipt or escrow statement as proof of paid property taxes. (PCCEO staff can access a copy if owner cannot locate)

Other Requirements:

Resolution of Environmental Issues Prior to Program Assistance, which includes the following:

  • All garbage, debris, appliances, and dilapidated furniture must be removed from the exterior.
  • Garbage and debris within the structure must be removed.
  • Motor vehicle parts (including batteries and tires) must be removed.
  • All grass and weeds must be less than 10 inches high.
  • No bushes, shrubs, or trees are permitted to block the public right-of-way.
  • All unlicensed vehicles must be removed from the property or properly licensed.

Other Requirements / Information:

The roof must be in deteriorated/worn out condition as determined by the Program Assessor. Assistance is only available to South Village TIF parcels that are income-eligible, owner-occupied, single-family households where the property taxes are paid, no City liens and there is active homeowner insurance coverage. Repairs that would be made under homeowner’s insurance policy will not be covered.

All incomplete/ineligible applications will not be processed until complete. A printable application can be found by clicking HERE.

Return Completed Application to:
Peoria Citizens Committee for Economic Opportunity, Inc.
Attention: Robin Grantham
711 W. McBean Street
Peoria, IL 61605
309-497-1098