On Wednesday, May 25th, the city of Peoria Community Development Department launched the 2022 Down Payment Assistance Program. This program will provide homebuyers within Qualifying Census Tracts (QCTs) down payment assistance of either $5,000 or up to 10% of the purchase price of a single-family home purchase at or below $125,000 with a primary mortgage.
To qualify for assistance, the homebuyer must have a signed contract for the home, an approved primary mortgage, and a closing date. The homebuyer must agree to own and live in the home for at least two years following closing and they may not owe any fees or fines to the City. When an applicant is selected, the assistance payment will be sent directly to the closing company or the closing attorney.
Qualifying homes must be located within a Qualified Census Tract (QCT) as determined by the 2020 Census. To find out if a house you are interested in purchasing is in a QCT, please visit www.appreciatepeoria.com and select “Qualifying Census Tracts” from the dropdown menu under “Neighborhoods” on the toolbar at the top of the page.
Interested applicants are encouraged to work with local agents and lenders who are familiar with the 2022 Down Payment Assistance Program.
The application period begins at 11:00 AM, Wednesday, May 25th. Applications will be accepted and reviewed until the funds are exhausted. Applications may be found at www.appreciatepeoria.com/assistance. For more information, please contact the City of Peoria Land Bank at (309) 494-8600 or landbank@peoriagov.org.
Original source can be found here.
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