Project Funding Sources
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 Property-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.