Rock Island County Housing Finance Corporation (RICHFC) has a new program that helps Rock Island County residents become homeowners.
The program is called I‐HOPE – Independence through Home Ownership Program Equity. It will give 25 area families up to $35,000 in forgivable grant funds to help with down payment and closing costs on a primary residence, single‐family home in Rock Island County. RICHFC works with the Greater Metropolitan Area Housing Authority (GMAHA) to provide income eligible adults, families and seniors affordable, safe and friendly rental options.
“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,” said Amy Clark, CEO of GMAHA. “As a community‐based affordable housing agency, we are dedicated to developing and implementing programs to expand homeownership and wealth building opportunities for working families.”
The program is funded using equity generated by the Illinois Housing Development Authority’s State Donation Tax Credit Program. I‐HOPE program participants go through a year of pre‐purchase counseling and financial literacy coaching to make sure they get the support and resources needed for long term success. They must then be able to obtain a mortgage with a lending institution.
“Home ownership is a vehicle for people to build wealth through a long‐term investment, while also investing in our neighborhoods,” said Clark. “We believe in building inclusive and prosperous communities, one household at a time.”
RICHFC is currently taking applications for people and families interested in joining the first phase of the program. Applicants will be considered on a first‐come, first‐served basis to determine eligibility. To learn more about I‐Hope and apply, click here.
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