A nearly $26 million round of Low-Income Housing Tax Credits announced by the state of Illinois on Wednesday includes funding for two Peoria projects.
In total, the credits fund 18 affordable housing developments across 12 Illinois counties, encompassing 1,159 affordable housing units for low-income families, seniors and people with disabilities.
The first Peoria-area project receiving funding is Churchview Garden Homes. The project, sponsored by the Peoria Opportunities Foundation and Pivotal GP Holding, LLC, includes 47 rental units across seven sites. The Churchview Garden Homes breaks up a mix of one, two- and three-bedroom units into townhomes and two-story walkup buildings.
The facilities also are expected to include a fitness center and community room.
The second Peoria project is Phoenix Manor. Phoenix Community Development Services plans to convert a former hotel into 55 apartment units. The rentals are intended for families and individuals experiencing homelessness.
The facility will include a fitness room, library, community room, childcare center, Phoenix offices and a health care clinic.
According to a news release, some of the projects may receive additional funding to account for pandemic-related increases in construction costs. This funding comes from $150 million appropriated by the Illinois General Assembly last year from the American Rescue Plan Act to the COVID-19 Affordable Housing Grant Program.
Since starting the program, the Illinois Housing Department Authority has used Low-Income Housing Tax Credits to create and preserve more than 58,000 affordable units across the state. You can find more information about the program here.
