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Peoria Affordable Housing Initiative

Okpara, L.P. is a housing partnership which owns the Peoria Affordable Housing Initiative project. Phase one of this project was the construction of eighty (80) single family homes on Peoria's Southside. These homes are available to families whose income does not exceed 60 percent of the median income for Peoria County.

Okpara Home

A second phase of building, consisting of 60 additional homes, has been completed.

Construction of all 140 homes was made possible through the Low Income Housing Tax Credit program, by the Illinois Housing Development Authority.

Okpara, L.P. is required by law to retain ownership for fifteen (15) years. The partnership, in a demonstration of its commitment to revitalizing our neighborhoods, will allow the occupants of the homes to purchase them after the fifteen year mandatory requirement has expired. Okpara L.P. believes that it will take home ownership to revitalize the Southside.

The purchase price will be no greater than the initial mortgage on the home. The mortgage is less than forty percent of the cost because of a substantial equity injection by the limited partner.

Underwriting Guidelines

Credit checks for all adult occupants of the residence.

  • No negative credit (above a 3 rating) for the last two years
  • No bankruptcy in the last 3 years
  • No Civil or governmental judgments within 3 years.

Criminal background checks for all adult occupants

  • Pending felons, drug dealing and physical or sexual abuse felonies will be possible grounds for denial.

Previous rental history

  • Home visit at current residence
  • Must have at least one year of verifiable rental history with timely payment of rent. If not, the Management may refuse rental or will require first and last month rent for the first year and double security deposit. Applicant with record of eviction(s) within 3 years will be denied.
  • Utilities reference.

Drug testing for all adults

  • No illegal drugs will be tolerated.

Income and Rent

  • Income must be verified.
  • Head of household cannot be a full time student unless they have children that they have claimed as a dependent on their income tax forms.
  • Rent is determined by household income and how many people live in the house.

For more information on the Peoria Affordable Housing Initiative, call (309) 673-1508.

Developers

Peoria Citizens Committee for Economic Opportunity, Inc. 
Owner: Okpara, L.P.

Financing

The Enterprise Social Investment Group 
SouthSide Trust and Savings Bank of Peoria 
Busey Bank (Formerly First Capital Bank)
Mid Illinois Bank (Formerly First Bank)
BusyBank  
1st Mid-Illinois

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711 W. McBean St. • Peoria, IL 61605 • Tel: (309) 671-3900 • Fax: (309) 671-3913