Affordable Housing In Peoria
Peoria County, Illinois

50 Low Income Apartment Communities In Peoria

Galena Park Terrace Apartments

5533 N Galena Rd
Peoria, IL
62+
Accessible
Elderly Supportive Housing
HCV Welcome
Subsidized

Peoria Chillicothe Apartments

3415 N Rochelle Ln
Peoria, IL
62+
Accessible
Elderly Supportive Housing
Subsidized

Pierson Hills II

1720 N Great Oak Rd
Peoria, IL
Subsidized

New Hope Apartments

301 NE Jefferson Ave
Peoria, IL
HCV Welcome

Bradford Woods Apartments

5100 N War Memorial Dr
Peoria, IL
HCV Welcome

1222 North Douglas

122 N Douglas
Peoria, IL
HCV Welcome

Goodwill Home for Veterans

Goodwill Industries of Central Illinois Inc
Peoria, IL
HCV Welcome

Urban Housing

1512 W Aiken Ave
Peoria, IL
HCV Welcome

Harrison Homes South

2110 S Oregon St
Peoria, IL

Hope VI Phase 2

908 W Millman St
Peoria, IL

Housing Authorities that serve Peoria

Housing Authority Programs
Peoria Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing; Family Self-sufficiency

Guide To Affordable Housing in Peoria, Illinois

According to federal housing data and AffordableHousingOnline.com research, there are 50 low income housing apartment communities offering 4,183 affordable apartments for rent in Peoria, Illinois. Peoria features 3,104 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 1,079 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Peoria.

Peoria, IL Affordable Housing Snapshot

Total Affordable Apartment Properties 50
Total Low Income Apartments 4,183
Total Housing Units with Rental Assistance 3,104
Percentage of Housing Units Occupied By Renters 44.77%
Average Renter Household Size 2.26
Average Household Size 2.37
Median Household Income $45,552 ±$1,486
Median Rent $718 ±$14
Percentage Of Renters Overburdened 46.3% ± 2.69pp
Total Population 115,847

Population and Household Demographics

Peoria is a City in Peoria County, Illinois with a population of 115,847. There are 47,239 households in the city with an average household size of 2.37 persons. 44.77% of households in Peoria are renters.

Income and Rent Overburden in Peoria

The median gross income for households in Peoria is $45,552 a year, or $3,796 a month. The median rent for the city is $718 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Peoria, a household making less than $2,393 a month would be considered overburdened when renting an apartment at or above the median rent. 46.3% of households who rent are overburdened in Peoria.1

Area Median Income In Peoria

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Peoria, the AMI is calculated from all households within Peoria County.

In Peoria, HUD calculates the Area Median Income for a family of four as $76,900

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Peoria

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Peoria HUD Rental Assistance in Peoria

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $16,150 $18,450 $21,330 $25,750 $30,170 $34,590 $39,010 $43,430
50% of Median $26,950 $30,800 $34,650 $38,450 $41,550 $44,650 $47,700 $50,800
80% of Median $43,050 $49,200 $55,350 $61,500 $66,450 $71,350 $76,300 $81,200
Low Income Housing Tax Credits in Peoria

The Low-Income Housing Tax Credit (LIHTC) program aims to create affordable rental housing for low and very low income families.

From 1992 to 2008, 13 low income apartment communities containing 1,345 rental apartments have been constructed and made affordable to low income persons in Peoria by the Low Income Housing Tax Credit Program.

If your income is less than 60% of the Area Median Income (AMI), you should not expect to pay more than the rent value for a unit in the table below. However, Affordable apartment communities that receive funding through the Low Income Housing Tax Credit program may have rental units that are not subject to income and rent limits.

Rent limits for the LIHTC Program are determined so that a household making the maximum income for the expected household size of the unit would only pay 30% of their income for rent.

Income Qualifications for Low Income Housing Tax Credit Apartments in Peoria

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
50% of Median $26,950 $30,800 $34,650 $38,450 $41,550 $44,650 $47,700 $50,800
60% of Median $32,340 $36,960 $41,580 $46,140 $49,860 $53,580 $57,240 $60,960

For example, the expected household size for a two bedroom apartment is 3 people. Using the table above, the maximum income for a 3 person household at 60% of the AMI in Peoria is $41,580 a year, or $3,465 a month. To determine the maximum rent in the table below we multiply the monthly maximum income, $3,465 by 30% to get a maximum rent of $1,040 a month.

Rent for units in the LIHTC Program include a utility allowance which is determined by the average monthly cost of utilities paid directly by residents. This allowance has not been subtracted from the rents in the table below. These utility allowances are set on a property by property basis.

% of AMI Studio 1 Bed 2 Bed 3 Bed 4 Bed 5 Bed
50% $674 $722 $866 $1,000 $1,116 $1,231
60% $809 $866 $1,040 $1,200 $1,340 $1,478
Fair Market Rents in Peoria

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$564 $606 $772 $998 $1,082