ACTION REQUESTED:
Title
Communication from the City Manager and Community Development Director with a Request to APPROVE and ACCEPT the following:
A. A Down Payment Assistance Grant from GREATER PEORIA LISC, in the Amount of $100,000.00, as part of the ILLINOIS ATTORNEY GENERAL GRANT PARTNERS FOR A BETTER EAST BLUFF INITIATIVE.
B. An ORDINANCE Amending City of Peoria 2017 AMENDED ANNUAL BUDGET Relating to the Capital Fund to Recognize the Receipt of a Down Payment Assistance Grant from GREATER PEORIA LISC, in the Amount of $100,000.00, as Part of the Illinois Attorney General Grant Partners for a Better East Bluff Initiative.
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BACKGROUND: Since 2013, the City of Peoria has been partnering with Greater Peoria LISC and several other organizations in a revitalization initiative in the East Bluff, funded primarily with a National Foreclosure Settlement grant from the Illinois Attorney General. The initiative has seen the development of sixteen new rental units and four newly constructed single-family homes. The effort is still under way with more homes to be rehabilitated and constructed. As part of the initiative, the City has acted as the administering agency for down payment assistance to the new homeowners for units developed under the initiative. To this point, the City has provided $50,000 in local funds previously committed to the effort to four new homeowners. With several more units to be rehabbed/constructed, LISC is granting a portion of the Illinois Attorney General Grant funds to the City in order to continue administering the Down Payment Assistance program for units developed under the initiative.
FINANCIAL IMPACT: The City will receive $100,000 from LISC in order to provide Down Payment Assistance to an additional 8 new homeowners for homes developed under the initiative.
NEIGHBORHOOD CONCERNS: This is a community-engaged initiative with partnerships and planning that include community organizations and residents.
IMPACT IF APPROVE...
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