The Peoria Area Association of REALTORS® is working with the city of Peoria to make homeownership a reality for more residents and to revitalize legacy neighborhoods.
Earlier this week, Peoria Mayor Rita Ali announced the creation of a new down payment assistance program, using American Rescue Plan Act funds, to meet the housing needs of residents with limited incomes. PAAR CEO Jennifer Hamm joined Ali during a news conference, explaining that REALTORS® and affiliate lenders will guide potential borrowers to use the new program and bridge financial hurdles to becoming homeowners.
The program will help more Peoria residents realize the American Dream of homeownership, Hamm said.
The city has budgeted $250,000 to the down payment assistance program in 2022 and the same in 2023, and the results will determine how those funds will be allocated in 2024 and 2025.
Qualified homebuyers can earn $5,000 assistance or up to 10 percent of a home’s price. For more information on the program, go to appreciatepeoria.com/assistance.
