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Peoria ups owner-occupant down-payment incentive to $10,000 to steer investor properties into homeownership
Summary
The Peoria City Council approved changes to ARPA-funded programs to raise down-payment assistance for certain owner-occupant buyers from $5,000 to $10,000 and tweak housing rehab guidelines to encourage neighborhood homeownership in qualified census tracts.
The Peoria City Council on March 26 approved updates to American Rescue Plan Act-funded housing programs that increase incentives for prospective owner-occupants buying formerly investor-owned homes in targeted neighborhoods. The change raises the down-payment assistance award to $10,000 for eligible purchases — up from $5,000 under the previous guideline — when the property is in a qualified census tract and will become…
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