Individuals in Rock Island County have a new way to go forward with the purchase of a home.
Tuesday, the Rock Island County Housing Finance Corporation (RICHFC) announced its latest program, I-HOPE (Independence through Home Ownership Program Equity). The first-come, first-served based program will allow 25 area families to apply for up to $35,000 in forgivable loan funds to assist with down payment and closing costs on a primary residence, single-family home in Rock Island County.
The organization works with the Greater Metropolitan Area Housing Authority (GMAHA). The new program is designed to move families along the housing continuum to homeownership and wealth-building opportunities, according to CEO Amy Clark.
“This should be a great compliment to a lot of those programs,” she said. “We believe in building inclusive and prosperous communities, one household at a time.”
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The program has been in the works for the past three years, after the organization set out to find a new way to meet the need of affordable housing. Instead of focusing on rentals, Clark said the organization wanted to offer people the resources they need to make the steps in becoming a homeowner.
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“For those individuals, reaching home ownership is the goal,” she said. “As a community‐based affordable-housing agency, we are dedicated to developing and implementing programs to expand homeownership and wealth-building opportunities for working families.”
Funded through equity generated by the Illinois Housing Development Authority’s State Donation Tax Credit Program, I‐HOPE begins with one year of pre‐purchase counseling and financial literacy coaching to ensure clients continue to get the support and resources needed to be successful in the long term. Participants must then be able to secure a mortgage with a lending institution.
Clark said $5,000 of the $35,000 loan was specifically set aside for the family to access in an emergency. Financial resources are not always available if a furnace goes out or a pipe bursts, for example, but the new program has that safety net built in.
The price of the home is up to the buyer’s discretion, but they are required to work with a lender to qualify for a mortgage on the sale price of the home. The household income must be below 120% of the area median income, she said.
The application window opens at 8 a.m. Wednesday, June 28, on the GMAHA website.
Artists gather for the annual Chalk Fest hosted by Quad City Arts
Artists begin working on their works during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. The two-day competition is split into two divisions, the general competition and the youth competition.
Maia Glover colors her chalk art during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. Glover said she began work on her lighthouse piece around 9 a.m.
Youth art team Alexis Freitus and Gavin Freitus work on their chalk piece during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. Artists compete for category awards such as best use of color, best 3D and best reproduction.
Clarissa Noel works on her chalk piece in the sun during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. Noel used an umbrella to ward off the sun as she worked.
Alexander VandeWalle begins the outline of his art piece during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. VandeWalle's final piece will be a picture of the actress Marilyn Monroe.
A child draws a picture on the sidewalk where a community chalk artwork is set up during the Quad City Arts chalk Fest, Saturday, June 24, 2023, in Rock Island.
One of the youth artists works on their art piece during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. They worked on the first part of their art piece which was a bird skull.
Alexis Freitus colors a flower petal blue during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. Youth artists compete for a first prize award of $150 and $200 in art supplies that will go to their school. Second place is a prize of $100 and third is a prize of $50.
A youth art team works on coloring and shading their chalk piece during the Quad City Arts Chalk Fest, Saturday, June 24, 2023, in Rock Island. Adult and youth groups are both eligible to receive the People's Choice Award of $250 which is chosen by those that attended the festival.
