Lead Developer: Leisure Acres (LA) is a 501c4 that was created almost 40 years ago to address the pressing need for affordable housing for seniors in East Peoria. The LA board successfully obtained funds in the 1970s for Phase I through the Interest Reduction Program (IRP) and shortly thereafter for A companion 150 unit Phase II through the Section 202 program. The LA Board includes many distinguished members of the East Peoria community and maintains a steadfast focus to maintaining a safe, affordable, and beautiful property for the senior residents.
Leisure Acres Phase I is a 100-unit affordable senior housing development with 12 buildings and is located within the City of East Peoria in Tazewell County, Illinois. The project consists of 12 low-rise structures with 4 to 12 units each, for a total of 100 income-restricted independent senior apartments. The property qualified through the Rental Assistance Demonstration (RAD program) to convert both its existing 40 units of Rental Assistance as well as the remaining 60 units to a new Project-Based Vouchers contract so that at the time of closing, all 100 units were assisted with PBVs with a new 15 year term. The 9% LIHTC Allocation enabled a significant rehabilitation to preserve this affordable housing.
Project Funding Sources:
Unique Project Elements:
Photo Credit: PCM+D Architects