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