Peoria Neighborhood to Receive Repairs on 30 Owner-Occupied Homes

January 15, 2021

The Federal Home Loan Bank of Chicago (FHLBC) has awarded Phoenix CDS $350,400 through its competitive Affordable Housing Program.

Through this program, FHLBC member institutions partner with not-for-profit developers, community organizations, units of government, public housing authorities, and tribal governments to apply for annual grants that subsidize the acquisition, new construction, and/or rehabilitation of affordable rental or owner-occupied housing.

The Phoenix CDS North Valley Homeowner Investment Program will complete repairs and rehabilitation on 30 owner-occupied homes in the North Valley neighborhood of Peoria. Equal Housing Lender Heartland Bank and Trust Company, a project partner and FHLBC member, will offer optional low interest loans of up to $4000 to qualified home owners. In addition, a partnership with the City of Peoria Community Development Department will provide $80,000 to fund roof repairs on eight homes. Matt Feldman, President and CEO of FHLBC shares, “Access to affordable housing is even more essential today as we see a disproportionate impact of the COVID-19 pandemic on certain populations across our district, and we are proud to assist our members they finance and support the development of accessible housing in their communities.”

Phoenix CDS is grateful to FHLBC for its commitment to safe, affordable and accessible housing and appreciates the partnership of Heartland Bank and the City of Peoria whose collaboration has made this project possible!

This content is for informational purposes only. Readers should under no circumstances rely upon this information as a substitute for their own research or for obtaining specific advice from their own counsel.

*Loans are subject to approval, and fees may apply. Terms and Loan to Value requirements are subject to change without notice. Consult your tax advisor regarding any tax deductibility.