Rock Island Economic Growth Corporation (GROWTH) is pleased to announce that the U.S. Housing and Urban Development (HUD) awarded $18,530,708 in funding from the Neighborhood Stabilization Program (NSP) to assist the communities of Rock Island, Moline, and Sterling.
GROWTH created the Northwestern Illinois Coalition for this NSP program. GROWTH will serve as the Lead Applicant to administer the overall program and will work in concert with four Consortium Partners including: City of Moline, City of Rock Island, City of Sterling, and Illinois Housing Development Authority (IHDA).
NSP is funded through the American Recovery and Reinvestment Act, and is designed to spur economic development in hard-hit communities and create jobs. GROWTH is one of nearly 60 applicants nationwide to receive an award. Total awards amount to $2 billion.
"We are so excited to receive this allocation! This award will help stimulate our economy, create jobs, and help stabilize our neighborhoods," commented Brian Hollenback, President of Renaissance Rock Island.
The original request for funding totaled $35,295,425. At this time, GROWTH does not know what exact projects have been funded. Specific areas, or census tracts, in each community would be eligible for program funding.
The original application requested:
Purchase-rehabilitation of homes 57 units $ 7,540,000
Redevelop vacant property for housing 145 units $20,675,000
Demolition of homes 49 units $ 751,750
Financing mechanisms for homebuyers 78 units $ 3,120,000
General administration (10%) $ 3,208,675
Total 251 units $35,295,425
The following outcomes were projected in the original application:
- Increase in median market values of real estate in targeted areas
- Increase in the local tax base
- Removal of blight to advance investment in new housing
- 969 construction jobs created / 150 peripheral jobs impacted
- 202 units made energy efficient
- 49 units demolished
- 202 low-to-middle income households gain long-term housing affordability
