The redevelopment of Taft Homes is taking shape. The Peoria Housing Authority Board unanimously approved taking the next steps in relocating the 216-unit housing complex from near the riverfront. But it’s estimated to cost nearly $45-Million to build the proposed four to six new apartment buildings across the city.
Funding for the projects pivots on the PHA qualifying for 9 percent low-income housing tax credits. Brenda Coates is the director of PHA. She says LISC is already helping with community development expertise. Coates says that will be helpful as the board applies for the very competitive tax credits:
“We have to demonstrate that we have community support, political support and be able to show that our project stands out among any other in Illinois in order to gain tax credits for this site.”
The housing authority has four to six months to put more specific details into its redevelopment plans in order to apply for the needed tax credits. Some of the immediate next steps include sending requests for proposals to those interested in redeveloping the Taft Property.