Reclaim Peoria Southside Homeownership Program

Reclaim Peoria Southside Homeownership Program is down payment assistance for homebuyers in Peoria, Illinois, administered by Peoria Opportunities Foundation (POF) in partnership with Neighborhood House. Reclaim Peoria is a 2026 initiative by the Peoria Opportunities Foundation and Neighborhood House, funded by a ~$1M Health Equity Homeownership grant. POF purchases and renovates disinvested homes in 61605 ZIP, then sells them to low-income first-time buyers at $65,000-$70,000. Buyers must be at or below 80% AMI and obtain their own mortgage pre-approval. Below-market home prices. Homes renovated to high quality. Pre-approval and purchase support. South Peoria revitalization. Funding comes from Peoria City/County Health Department Health Equity Homeownership grant (~$1 million); City of Peoria Home Equity Fund.

Reclaim Peoria Southside Homeownership Program is down payment assistance and is repaid under the terms set by Peoria Opportunities Foundation (POF) in partnership with Neighborhood House. Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Reclaim Peoria Southside Homeownership Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time homebuyer" usually means not having owned a home in the last three years, but the program sets its own definition. On credit, the program states: Must obtain mortgage pre-approval through a conventional lender. Residency requirement: Properties located in 61605 ZIP code (South Peoria). Below-market home sale program (assistance via below-market pricing, not a second mortgage/grant). Buyer obtains conventional financing. 61605 ZIP only. Limited inventory (up to 7 homes). Homebuyer education requirement not confirmed.

Reclaim Peoria Southside Homeownership Program limits household income to 80% of the area median income, which varies by county and household size. The limit applies to total household income, not only the borrower’s. Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

Reclaim Peoria Southside Homeownership Program caps the purchase price at $70,000. Eligible property types include Single Family. New construction is not eligible. Manufactured homes are not eligible.

Reclaim Peoria Southside Homeownership Program serves homebuyers purchasing in Peoria, Illinois. The program targets specific areas: 61605 ZIP code, City of Peoria South Side.

Applications for Reclaim Peoria Southside Homeownership Program go through Peoria Opportunities Foundation (POF) in partnership with Neighborhood House, which publishes the current terms and the application steps on its own site. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.