A critical source of funding will flow into a public housing project, amidst a shortage of affordable options in Peoria.
Groundbreaking on the first phase of the Taft Homes redevelopment is expected this year. The Peoria Housing Authority and The Model Group received $748,000 through the 2016 Chicago Federal Home Loan Bank Affordable Housing Program. The money will help make possible the construction of 44 new rental units.
Farnsworth Group designed the plans for the redevelopment of the Taft Site, and the total project is estimated to cost $9.4 million.
The first phase will replace five buildings on roughly 2.5 acres of the property. Redevelopment designs include energy efficient three-story apartment buildings with pocket parks including playground equipment, bike racks, grills and community garden plots.
The Peoria Housing Authority is still working to secure low income housing tax credits and DCEO energy efficiency funding. That’s expected to be completed in time to clear the way for groundbreaking later this year.