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Rock Island Economic Growth Corporation

Innovative, problem solving, and leading the way.

Rock Island Economic Growth Corporation is a trendsetter in creating and implementing cutting edge housing programs. GROWTH is a leader in the state and the nation on single-family homebuying programs and infill construction in older neighborhoods. GROWTH is responsible for the mixed-use, mixed income loft housing downtown. And GROWTH became the state's leader for a pilot program for the Live and Work program.

GROWTH's input is sought after to assist with policy decisions for the State of Illinois Comprehensive Housing Plan, Freddie Mac, and the Federal Home Loan Bank. In addition, GROWTH is continually asked to share information with other communities, and in some cases duplicate programs. GROWTH was the lead organization for getting the Quad City region named a Freddie Mac Alliance Community.

Since 1998, GROWTH has helped 364 families buy homes in Rock Island. GROWTH is committed to bringing innovative home-ownership opportunities to Rock Island. GROWTH is a leader in Community Development Lending, which promotes economic diversity. Community Development Lending utilizes mortgage loan products for those not served well by traditional methods. In addition, homebuyers can seek a lower mortgage rate than market rate. Money for down payment, closing costs, and rehabilitation may be included. $42 million has been generated through GROWTH's single-family homebuyer programs through home sales, mortgages, and rehabilitation. This includes $20.1 million in single-family housing sales in Rock Island. The Illinois Housing Development Authority (IHDA) is the major funding source for GROWTH's homebuyer program.

Live and Work Rock Island, an employer's assisted homebuyer program, was launched in 2003. Since that time the program has been used as a model and expanded state-wide.

The Renaissance and Goldman Lofts created some of the first rental units downtown in many years, while the Clipper Condominiums were the first owner-occupied housing created downtown in a generation.

In addition, GROWTH has received numerous awards from the Preservation Society for historically sensitive construction and rehabilitation.

Following are projects where GROWTH has led the way.

Renaissance and Goldman Lofts - 35 units of urban lofts
Sala Flats - historic renovation of 33 apartments downtown
Voss Brothers Lofts - 35 units of downtown warehouse lofts
Clipper Condominiums - 9 owner-occupied mixed-use condominiums downtown
Broadway Townhomes - 6 units in Broadway Historic District
Murphy Lofts - rehabilitation of Local Landmark into 4 condominiums in Broadway Historic District
Douglas Park Place - new construction of 8 apartments in Douglas Park
Victoria's Cottage - infill construction in Longview Neighborhood
Youthbuild I & II - infill construction in Longview Neighborhood built by at-risk youth
New homes constructed in older neighborhoods

The mission of Rock Island Economic Growth Corporation is to renovate and build new single family or multi-family housing in Rock Island that:

Enhances the overall image and economic vitality of Rock Island.
Improves housing market dynamics in Rock Island, especially in its older, blighted neighborhoods.
Encourages home ownership for those not qualifying for conventional residential mortgage programs.
Is committed to developing affordable housing.
Will sell a minimum of 50% of renovated housing to households with incomes below 80% of the area median income.
Promotes building construction and maintenance, training of volunteers, homebuyers, neighborhood residents, and high school students.