Rock Island County Housing Finance Corporation receives $7 million for new development and housing program
ROCK ISLAND CO., Ill. (KWQC) – Rock Island Housing Finance Corporation has received $7 million in funding for a new multi-family housing development and homeownership pilot program to serve Rock County residents Island.
“We are grateful for the funding provided to us by the Illinois Housing Development Authority to continue our mission of creating and funding housing opportunities for residents of Rock Island County,” said Amy Clark, CEO of RICHFC. . “Whether those housing needs are affordable rents tied to supportive services or affordable housing. We now have the ability, through a multi-faceted approach, to provide more targeted housing options to suit the individual dynamics of each family.
RICHFC announced that it had received an award of $5,137,992 as part of a grant from the National Housing Trust Fund and an $859,485 loan from the State Housing Fund to be used for a new housing development called Apoyo Village.
Apoyo Village is a twenty-four unit multi-family project, which will offer support services and will be located in Silvis, RICHFC said. The development will help fill a gap in affordable rental housing options within the community by creating new units and including support services through local social service agencies.
Illinois Housing Development Authority Permanent Supportive Housing
RICHFC Announces It Also Received $1,009,162 in State Donation Tax Credits to RICHFC’s New I-HOPE Homeownership Pilot Program; Iindependence by Hto me Oproperty Pprogram Eenough.
RICHFC said I-HOPE is intended to help low-to-moderate income families in Rock Island County with down payment and closing cost assistance, as well as mortgage principal reduction assistance.
The goal of this program is to move individuals and/or families along the housing continuum to self-sufficiency through pre-purchase financial education and literacy services, as well as debt management services. case after purchase, said RICHFC. This program will provide up to $35,000 to each participating household through a repayable grant.
The funding announcement comes after the Illinois Housing Development Authority approved various funding grants at their January 2022 board meeting, RICHFC said.
IHDA’s Permanent Supportive Housing (PSH) Development Program received a total of seventeen applications, and Apoyo Village was one of only ten selected for funding, said RICHFC. Demonstrate the competitive nature of these resources. The PSH program is designed to fund developments that focus on residents who need support services in order to access and maintain affordable housing.
As a nonprofit affiliate of Rock Island County’s Greater Metropolitan Area Housing Authority, RICHFC is the project’s sponsor, co-developer and property manager, RICHFC said.
GMAHA has partnered with Domera Development, LLC which is the developer of the project, RICHFC said. Domera is an experienced developer of affordable housing and permanent supportive housing. The architect for the project is #9 Design, LLC d/b/a North Arrow Architecture, and La Mancha Construction d/b/a North Arrow Construction is its general contractor.
For more information on GMAHA and RICHFC, visit https://www.gmaharic.org/.
Copyright 2022 KWQC. All rights reserved.