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PHA code IL003 · Medium PHA · Illinois

Peoria Housing Authority

Peoria Housing Authority has closed 4 RAD conversions covering 174 public housing units. It still has 659 public housing units in 8 projects that HUD's May 2026 rents tool prices for RAD.

Of the closed deals, 2 went to project-based vouchers (PBV) and 2 to project-based rental assistance (PBRA). 3 used low-income housing tax credits and 2 carried FHA-insured debt.

Conversions

RAD Component 1 conversions for IL003, newest first
Development Type RAD units Status Closed Tax credits FHA Hard cost / unit
Taft Homes Final Phase - 4% Lihtcnew constructionPBRA60ClosedSep 20214%Yes$288,607
Taft Homes Final Phase - 9% Lihtcnew constructionPBRA82ClosedSep 20219%Yes$215,501
Taft Homes Phase 2new constructionPBV16ClosedApr 20204%$287,927
Taft Homes Phase 1.1PBV16ClosedFeb 2020

Still public housing: 2026 RAD rents

HUD's rents tool sets a 2026 RAD contract rent for each unconverted project from its 2024 public housing funding, inflated by the 2025 and 2026 OCAF. Across IL003's remaining units that averages $1,036 a month, against a weighted PBV cap of $1,188 (110% of fair market rent, before the utility allowance). Where the RAD rent is below the cap, a Section 18 blend can raise the rent and the debt it carries. 2 of IL003's 8 projects are already at or above the PBV cap.

Unconverted public housing projects, May 2026 RAD rents tool
Project Units 2026 RAD rent PBV cap PBRA cap 60/40 blend
Sterling Towers East & West IL003000005 186 $970 $901 $983 $975 Debt
Harrison Homes South IL003000002 155 $1,241 $1,184 $1,291 $1,255 Debt
Scattered Sites IL003000003 121 $1,129 $1,493 $1,628 $1,288 Debt
Riverwest Rental & Lease To Purchase IL003000007 76 $903 $1,265 $1,379 $1,081 Debt
Harrison Homes Redevelopment IL003000006 42 $767 $1,109 $1,210 $896 Debt
Riverwest Homeownership & South Phase I IL003000008 37 $939 $1,453 $1,586 $1,153 Debt
Harrison Homes Redevelopment Phase III IL003000011 35 $879 $1,306 $1,425 $1,053 Debt
Riverwest South Phase 2 IL003000009 7 $1,003 $1,288 $1,405 $1,084 Debt

Rents are monthly per unit, weighted across each project's bedroom mix. The caps are shown before HUD's estimated utility allowance. HUD calls the blend figures estimates. Project names are as reported to HUD.

Financing the next one

Send the deal to the commercial mortgage desk at Janover Capital LLC: debt for a conversion (FHA 223(f) or 221(d)(4), bank or bond), a Section 18 blend, or a refinance of a property that has already converted. Tell us where it stands, and a person at Janover Capital will reply.

Janover Capital LLC is not HUD, the RAD Resource Desk or a housing authority, and is not affiliated with or endorsed by any of them. Nothing here is legal advice or an offer of credit.

The deal
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Sources: RAD Resource Desk Component 1 property export, downloaded ; HUD RAD Contract Rents Look-Up Tool, May 2026. Hard cost per unit divides reported hard construction costs by RAD plus non-RAD units; blank where HUD's export reports none. About the data.