Rock Island County Housing Finance Corporation Secures $7 Million in Funding for New Development and Housing Program

Amy Clark, CEO of Rock Island Housing Finance Corporation (RICHFC), a nonprofit subsidiary of RI County’s Greater Metropolitan Area Housing Authority (GMAHA), is thrilled to announce recent funding awards for a new development in multi-family housing and a pilot home ownership program to serve residents of Rock Island County. The announcement comes after the Illinois Housing Development Authority (IHDA) approved various funding grants at their January 2022 board meeting.

RICHFC has received an allocation of $5,137,992 as part of a National Housing Trust Fund grant and an $859,485 loan from the State Housing Fund to be used for a new Apoyo Village housing development.

Apoyo Village is a multi-family project of twenty-four units, which will offer support services and will be located in Silvis. The development will help fill a huge gap in affordable rental housing options within the community by creating new units and including support services through local social service agencies. 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, demonstrating 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 non-profit affiliate of the Greater Metropolitan Area Housing Authority of Rock Island County (GMAHA), Rock Island County Housing Finance Corporation (RICHFC) is the sponsor, co-developer and property manager of the project. GMAHA has partnered with Domera Development, LLC which is the developer of the project. 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.

Amy Clark

In addition to Apoyo Village, RICHFC received $1,009,162 in state donation tax credits to pilot its I-HOPE homeownership program (Iindependence by Hto me Oproperty Pprogram Equality). I-HOPE is a new homeownership initiative developed by RICHFC to assist low to middle income families in Rock Island County with down payment and closing cost assistance, as well as homeownership assistance. reduction in the mortgage principal. The goal of this program is to move individuals and/or families along the housing continuum toward self-sufficiency through pre-purchase financial education and literacy services, as well as case after purchase. This program will provide up to $35,000 to each participating household through a repayable grant.

Rock Island County Housing Finance Corporation Secures $7 Million in Funding for New Development and Housing Program

“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, whether those housing needs are affordable rents. related to support services or affordable housing. We now have the ability, through a multi-faceted approach, to provide more targeted housing options to appropriately fit the individual dynamics of each family,” said Ms. Clark.

For more information about GMAHA and RICHFC, please visit https://www.gmaharic.org/.

Rock Island County Housing Finance Corporation Secures $7 Million in Funding for New Development and Housing Program

Sean Leary is a writer, director, artist, musician, producer, and entrepreneur who has been writing professionally since he started at age 11 in the pages of the Comics Buyers Guide. A graduate with honors from the master’s program at the University of Southern California, he has written more than 50 books, including the best-selling books The Arimathean, Every Number is Lucky to Someone and We Are All Characters.

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