PHA Awarded Tax Credits Needed To Begin Taft Homes Redevelopment
The Peoria Housing Authority now has all of the pieces needed to begin the demolition and redevelopment of the Taft Homes.
The Illinois Housing Development Authority voted Friday to award 9% multifamily Federal Low-Income Housing Tax Credits to the PHA and Kenosha, Wis.-based Bear Development. That was the last component needed to proceed with the $45 million project.
The PHA said in a press release it plans to begin demolishing existing 1950's barracks-style public housing in April 2021, with completion anticipated by fall 2023. The new development will include 142 multifamily units and community facilities.
"This project truly showcases the power of public-private partnerships in the development of affordable housing for those most in need in our community," said the public housing authority in a news release. "In this historic moment for the PHA, we look forward to working with our families as we reimagine the possibilities that come with redevelopment."
The redevelopment project takes advantage of the U.S. Housing and Urban Development's Rental Assistance Demonstration (RAD) program. The program transitions public housing into Section 8 housing. The program will allow the PHA to leverage private capital to fund the redevelopment project.
Current residents will be able to return. Residents will continue to pay 30 percent of their income to rent a unit. Two previous phases of the RAD agreement moved some Taft residents to Access Peoria or East Bluff scattered site housing.
Discussions to redevelop the Taft Homes began back in the 1990s. Talks on the current agreement began last year.
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