Jan 15, 2008

Down Payment Assistance Program

The City of Peoria hopes to increase home ownership in order to promote neighborhood pride by offering down payment assistance for lower income first time home buyers.

The Down Payment Assistance Program offers to eligible applicants:

$10,000 or 20% of the purchase price of the home, which ever is less, minus $295 for Post Homebuyer Counseling.

Purchased homes must be single family detached located in the City of Peoria.

Assistance is made as a 0% interest, five year forgivable loan.

The loan has no monthly payments.

Household income eligibility is based on HUD determined area income limits.

The selected home must pass a City of Peoria inspection.

There can not be any pealing, cracked, flaking or deteriorated paint anywhere on the property.

Applications are available:

- At the Planning & Growth Management Department, Twin Towers Building, 456
Fulton Street, Suite 402 between the hours of 8:00 am and 5:00 pm.

- On the web at www.ci.peoria.il.us or

- By calling 309-494-8616.

Funding is provided on a first come, first serve basis, based on when a complete application is received.

* Down Payment funds are provided by the Illinois Housing Development Authority