Home rehab funding available for R.I. homeowners


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Posted Online: March 30, 2010, 11:06 am
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Press release submitted by Rock Island Economic Growth Corporation

Rock Island Economic Growth Corporation (GROWTH) is happy to announce that applications will be accepted March 29 – April 16, 2010 for the Single-Family Owner Occupied Rehab (SFOOR) program. This program provides financial assistance to Rock Island homeowners needing to bring their homes up to minimum housing quality standards.

GROWTH has received $821,000 from the Illinois Housing Development Authority (IHDA) to rehab twenty homes over the next two years. Since 2003, GROWTH has helped over 50 homeowners with rehab assistance through the SFOOR program.

To apply, pick up an application at the GROWTH office, 120 16 ½ Street, Rock Island, IL or go online to www.LiveRI.com. Applications must be completed and returned prior to 5 p.m. on April 16, 2010.

Applications will be screened for initial eligibility criteria within five days of receipt. A notice will be sent informing the applicant if they will be submitted into the lottery drawing. If the applicant is not accepted, the letter will state the reason for denial. A minimum of twenty homeowners will receive assistance; however a total of thirty names will be drawn in case any of the first twenty do not meet the full eligibility requirements. The drawing will be held April 27, 2010 at Comedy Sportz, 1818 3rd Avenue, Rock Island, IL at 6:00 pm. Applicants need not be present to be selected.

Applicants must meet the following requirements:

- The home must be located within the city limits of Rock Island.

- The home must be a single-family owner-occupied residence.

- The homeowner must have owned the home for a minimum of one year at the time of the application.

- All property taxes must be current now and have been current prior to the end of the previous year.

- The home can not be purchased on contract.

- The homeowner's insurance must be current and have had no lapses for the prior year.

- The home can not have received prior rehab assistance from GROWTH or Project NOW's HOME, Housing Trust Fund (HTF), or SFOOR programs.

- This program is designed to bring the home up to general housing quality standards including health, safety, and code violations as determined by GROWTH's Rehab Specialist.

- The maximum allowable improvement amount is $24,999 as determined by GROWTH's Rehab Specialist. Properties requiring in excess of $24,999 are deemed ineligible to participate.

- A credit report will be requested prior to the home inspection.

- Household income must be 80% or below the area median income*

1 person $34,500 5 persons $53,250

2 persons $39,450 6 persons $57,200

3 persons $44,350 7 persons $61,150

4 persons $49,300 8 persons $65,100

* Income limits are subject to change

For more information please contact Rock Island Economic Growth Corporation at 309.788.6311.




















 



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