ROCK ISLAND COUNTY, Ill. — Rock Island County families dreaming of home ownership might be able to make it a reality.
The Rock Island County Housing Finance Corporation, or RICHFC, released a new program that will connect 25 families in the area "with up to $35,000 in forgivable grant funds to assist with down payment and closing costs on a primary residence, single‐family home in Rock Island County," according to a press release.
The new program I-HOPE - Independence through Home Ownership Program Equity - is hoping to "create a pathway to homeownership" through financial assistance and coaching.
RICHFC is currently working with the Greater Metropolitan Area Housing Authority (GMAHA) to provide rental options to eligible adults and families. This new program seeks to "move families along the housing continuum" into home ownership.
“Homeownership continues to be the primary driver of household wealth and is the largest asset on the balance sheets of a majority of households across the nation,” Amy Clark, CEO of GMAHA, said.
The new program is funded through the Illinois Housing Development Authority's State Donation Tax Program. The program starts with counseling and coaching in financial literacy "to ensure clients continue to get the support and resources needed to be successful in the long term."
Participants must then secure a mortgage after this phase of the program.
Learn more about the program at GMAHA's website.
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