East Bluff residents hope housing grant boosts home values

By Denise Jackson

July 18, 2013 Updated Jul 18, 2013 at 7:41 PM CDT

PEORIA,Ill. -- More housing will soon be coming to Peoria's East Bluff under a $3 million grant awarded to the River City.

It is part of a federal foreclosure settlement against five banks involved in the housing crisis.

Peoria's Local Initiatives Support Corporation, or LISC, will administer the grant that will be used to demolish 20 buildings on the East Bluff and build new homes, some for the disabled.

Some East Bluff residents say hopefully it will have a ripple effect.

"We've got nicer, newer housing up it's easier to upkeep. I think it will improve the morale as well of the residents, bring up the property value," said East Bluff resident Ashleea McIntire.

"I'm just glad to see it here. I been here 20 years and I've seen a lot of change over the years especially behind us and I'm just glad to see it's here," Jenelle Alexander said.

Residents say they hope the housing redevelopment project encourages more people to buy homes in the East Bluff.

Peoria initially applied for nearly $11 million of the $70 million foreclosure settlement award.