UPDATED 4:47 P.M.
PEORIA, Ill. – Residents of a housing complex on the South Side of Peoria have new managers.
The Peoria Housing Authority Development Corporation announced on Monday a partnership to manage the Lincoln Terrace property on West Ann St. with Promex Midwest Corporation.
Lincoln Terrace features 92 townhomes with 2-, 3-, and 4-bedroom Low-Income Housing Tax Credit units, HUD multifamily subsidized housing, and market-rate units.
PHA President Armeca Crawford says discussions started between both groups around a year ago, with the property filling a desire on both sides; Promex wanting to develop on the South Side and PHA looking for an opportunity to increase its presence there.
“Peoria Housing Authority is interested in also expanding our reach on the South Side in more neighborhoods, revitalization starting with Harrison Homes and a few other projects that we’re working on,” Crawford said.
Crawford says the two entities took ownership of the property this month. She says PHA will handle the day-to-day operations, while Promax will handle compliance issues, such as ones with the Department of Housing and Urban Development.
Crawford says now that they own the property, one of the first objectives is to get an assessment of Lincoln Terrace.
“What we’ll do is after we’re able to determine what is needed to stabilize the property, we’ll work together with our partners to start that process of doing the necessary unit upgrades,” Crawford says.
The assessment could include making sure utilities and vendors are paid, residents are paying rents, and finding out what the residents’ needs are. A full rehabilitation is expected that includes upgrading housing units, redesigning floor plans, adding amenities, and enhancing the community space.
Crawford says both sides will also try to expand access to management for residents with quicker response times.
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PEORIA, Ill. – A housing complex on Peoria’s South Side will have a new partnership managing the property.
The Peoria Housing Authority Development Corporation announced on Monday the partnership with Promex Midwest Corporation to manage the 92 townhomes at Lincoln Terrace on West Ann St.
The partnership goes into effect immediately.
Part of the partnership will also include a full rehabilitation of the property that includes upgrading units, redesigning floor plans, adding amenities, and enhancing the community space.
Lincoln Terrace features 2-, 3-, and 4-bedroom Low-Income Housing Tax Credit units, HUD multifamily subsidized housing, and market-rate units.
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