Partnership Assists Homeowners in South Village
Third Round of Funding Approved as Peoria Citizens Committee for Economic Opportunity and Busey Once Again Join Forces to Help Renovate Homes in Area
The Peoria Citizens Committee for Economic Opportunity, Inc. (PCCEO) and Busey Bank are once again teaming up to provide affordable housing renovations in Peoria’s South Village neighborhood.
The PCCEO, a nonprofit organization focused on housing development and rehabilitation services in Peoria—and specifically in the economically challenged Southside area—was awarded an Affordable Housing Program (AHP) subsidy of $360,000 through the Federal Home Loan Bank of Chicago (FHLBC) towards the South Village Homeowner Rehab Project. This is the third subsidy awarded to the successful project since 2019.
“The South Village Homeowner Rehab project has been a resounding success, and we’re excited about the opportunity to once again team up with PCCEO to help the residents of South Village,” says Sandy DeMond, Director of Community Banking at Busey. “Through collaboration with PCCEO, this project really helps local homeowners in the south side of Peoria make substantial improvements in their living conditions. It’s truly had a significant impact on improving people’s lives and making the community a better place to live, and we’re proud to be part of it.”
Busey, a member bank with the FHLBC, is working with PCCEO to identify and finance six qualified homeowners, pre-screened by PCCEO under Busey’s minimal credit guidelines, at $5,000 per borrower to be repaid over 60 months. In all, 24 low- to moderate-income homeowners living in the South Village TIF will receive funding to renovate their single-family homes with major improvements. Primary renovations focus on roof replacements, with the secondary focus on electrical and structural repairs.
“We know if a homeowner can’t afford to replace their roof, that becomes the death of a house. Eventually, that house is going to become abandoned property, one that the city is going to have to demolish in the future,” says Robin Grantham, Community Development and Engagement Manager at PCCEO. “What we’ve found is that when we help these homeowners make the critical repairs needed to maintain their home, there’s a sense of pride that follows and they continue to make improvements to the home. So, it’s helping to stabilize the area and the market values of properties within the neighborhood.”
South Village resident Sarah Taylor-Renfro was a recipient of renovations in 2019 with workers replacing the roof of her home, which was in such disrepair that a tarp was being used to try to keep water out.
“It was a constant concern for me. I’d go to work and worry all day that I when I got home it would be caved in,” Sarah says. “But thanks to some wonderful people and organizations we were finally able to get a new roof. I truly do not believe I can say enough about the people involved in this program that helped me and my family. I’m extremely grateful and thankful to these wonderful people for what they’ve done for us.”