Illinois bank, nonprofit team up to provide affordable housing renovations

Champaign, Ill.-based Busey Bank and Peoria, Ill.-based Citizens Committee for Economic Opportunity are working together to provide affordable housing renovations in an economically disadvantaged area of Peoria. 

The housing development and rehabilitation services nonprofit was recently awarded a $360,000 Affordable Housing Program subsidy through the Federal Home Loan Bank of Chicago, the renovation project’s third subsidy since 2019. 

An FHLB Chicago member bank, Busey is working with the nonprofit to identify and finance six qualified homeowners. The homeowners will be pre-screened by PCCEO under Busey’s minimal credit guidelines, at $5,000 per borrower for repayment over 60 months. 

Twenty four low- to moderate-income homeowners living in the South Village TIF will receive funding to make major renovations to their single-family homes. Primary renovations include roof replacements, with a secondary focus on electrical and structural repairs.  

“This project really helps local homeowners in the south side of Peoria make substantial improvements in their living conditions,” said Busey Director of Community Banking Sandy DeMond. “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.”