Are you ready to make the move to Rock Island? Or, maybe you already live in Rock Island and are thinking about purchasing a home here? Rock Island Economic Growth Corporation (GROWTH) offers a variety of homebuyer programs for persons wishing to buy a home in Rock Island. Program assistance can include down payment, closing cost, and rehabilitation. Funding to support these programs becomes available annually and is allocated on a first-come, first-serve basis.

The purchase of a home can be a complicated process. The goal of GROWTH is to assist each homebuyer through a pleasant homebuying experience. To reach this goal, GROWTH offers homebuyer workshops and one-on-one individualized counseling. Individuals who participate in the Homebuyer Program complete eight hours of classroom education and two hours of individualized counseling.

To participate in the homebuyer program, start by completing an application available by clicking here. Staff will review your information and help you determine which program will meet your individual needs and circumstances.

Available Homebuyer Programs
Outlined here are the homebuyer programs available through GROWTH. When a complete application is returned to the GROWTH office, staff will prepare an individualized action plan and identify which program(s) below best meets your individual circumstances.

To be eligible for the homebuyer programs below, please note that you also need to participate in homebuyer education activities which are further described on this page.

Live and Work in Rock Island – Purchase Assistance
You can purchase a home in the City of Rock Island for as little as $500. If you are an employee of one of the participating companies, you may be eligible to participate in Rock Island's Employer Assisted Housing Program – also known as “Live / Work Rock Island.”

Due to their employer’s contribution, participants can receive down payment and closing cost assistance when buying a home in Rock Island. Click here for a list of eligible employer companies. Participants receive:

• A grant for up to 3% of the purchase price for down payment - minus $500 buyer's contribution.
• Up to $1,500 in additional funds to pay for closing costs and the first year's homeowner's insurance.
• Employees earning up to 120% of the area median income are eligible to participate in the program. Income limits for assistance include (effective 3/09):
  • 1 person $51,720
  • 2 person $59,160
  • 3 person $66,480
  • 4 person $73,920
  • 5 person $79,800
  • 6 person $85,800
  • 7 person $91,680
  • 8 person $97,560

American Dream Downpayment Initiative (ADDI) – Purchase Assistance
This program is funded through the Illinois Housing Development Authority (IHDA), for first time homebuyers.

• 6% or $10,000, whichever is greater to be used for downpayment and closing cost assistance.
• Funds are recaptured on a pro-rata basis with transfer or sale of property within the loan term.
• Serves households earning up to 80% of the area median income. Income limits (effective 3/09):
  • 1 person $34,500
  • 2 person $39,450
  • 3 person $44,350
  • 4 person $49,300
  • 5 person $53,250
  • 6 person $57,200
  • 7 person $61,150
  • 8 person $65,100

HOME PROGRAM - Purchase & Rehabilitation Assistance
This program is funded through IHDA.

• Down payment assistance, closing cost assistance, and rehabilitation assistance are provided.
• 0% deferred forgivable loans that are forgivable after 5 or 10 years based on the amount of assistance provided.
• Buyers are eligible for up to $8,000 in down payment assistance and up to $25,000 in improvements.
• Serves households earning up to 80% of the area median income. Income
  limits (effective 3/09):
  • 1 person $34,500
  • 2 person $39,450
  • 3 person $44,350
  • 4 person $49,300
  • 5 person $53,250
  • 6 person $57,200
  • 7 person $61,150
  • 8 person $65,100

Housing Trust Fund Program - Purchase & Rehabilitation Assistance
This program is funded through IHDA.

• Assistance provided includes down payment, closing costs, and rehabilitation assistance.
• Up to $5,000 is available for down payment and closing costs assistance – depending on income qualifications.
• Up to $35,000 is available for rehabilitation costs in the form of a 0% loan, due upon future sale of the property or at the end of the 30-year mortgage term, whichever comes first.
• Income limits up to 80% of the area median income. Income limits (effective 3/09):
  • 1 person $33,650
  • 2 person $38,500
  • 3 person $43,300
  • 4 person $48,100
  • 5 person $51,950
  • 6 person $55,800
  • 7 person $59,650
  • 8 person $63,500

Homebuyer Counseling & Workshops
GROWTH is a Freddie Mac and HUD approved Housing Counseling Organization. One of the benefits of the homebuying program is individualized counseling to assess your personal situation. Program participants also attend homebuyer workshops.

As part of the homebuying program, participants receive one-on-one counseling with a housing counselor who will look at your individual financial picture. Once all your paperwork has been turned in, a housing counselor will make arrangements to meet with you.

All participants in the GROWTH homebuyer program are required to attend homebuyer workshops. Guest speakers include individuals from financial institutions, real estate offices, and closing agents. Because the homebuyer workshops are so popular, space is limited to current homebuyer program participants.

Homebuyer workshops cover these topics:

• preparing for homeownership
• applying for a loan
• working with a realtor
• home inspections
• the closing process
• construction
• life as a homeowner

For more information contact:
Rock Island Economic Growth Corporation
120 16 1/2 Street
Rock Island, IL 61201
309.788.6311
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