QC to receive investment money to stabilize communities
Millions of dollars are being invested into Illinois communities and the QC area is getting part of that money.
Illinois Governor Pat Quinn announced on Thursday, May 1, 2014 that Rock Island and Whiteside County communities would receive a combined $84,000 to help stabilize neighborhoods.
“We are starting programs to reinvigorate our economy and strengthen communities in the wake of the national foreclosure crisis,” said Quinn. “This support will give local governments the tools they need to stabilize communities throughout Illinois.”
According to the Office of the Governor, money for the investments is coming from the Abandoned Property Program, which is funded by filing fees paid by financial institutions. Moline will receive $58,909 and Rock Falls gets $26,774 from Abandoned Property Funds.
The Abandoned Property Program has been receiving funding since June of 2013 from banks and other lending institutions as they paid fees based on how many foreclosures were filed each year.
“I’m focused on promoting strong development in the Quad Cities region to make sure we are bringing businesses and jobs to the region, and these grants will help in that regard,” State Representative Pat Verschoore said. “By revitalizing neighborhoods and removing abandoned and vacant homes, we can re-energize neighborhoods and encourage new growth.”
The program is administered by the Illinois Housing Development Authority.