April 22, 2024

Housing Finance Development

It's Your Housing Finance Development

Rock Island County Housing Finance Corporation receives $7 million for new development, housing program

ROCK ISLAND CO., Ill. (KWQC) – The Rock Island Housing Finance Corporation received $7 million in funding for new multifamily housing development and a pilot homeownership program to serve residents of Rock Island County.

“We are thankful for the funding awarded to us by the Illinois Housing Development Authority to further our mission to create and finance housing opportunities for the residents of Rock Island County,” said Amy Clark, CEO of RICHFC. “Whether those housing needs are affordable rental tied to supportive services or affordable homeownership. We now have the ability, through a multifaceted approach, to provide more targeted housing options to adequately fit each family’s individual dynamic.”

RICHFC announced it received an award of $5,137,992 in a National Housing Trust Fund Grant and an $859,485 State Housing Fund Loan to be used for a new housing development called Apoyo Village.

Apoyo Village is a twenty-four-unit multifamily project, which will offer supportive 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 supportive services utilizing local human service agencies.

Illinois Housing Development Authority’s Permanent Supportive Housing

RICHFC announce it was also awarded $1,009,162 in State Donation Tax Credits to RICHFC’s new pilot homebuyer program I-HOPE; Independence through Home Ownership Program Equity.

RICHFC said I-HOPE is meant to assist 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 education and financial literacy services, as well as post-purchase case management services, RICHFC said. This program will offer up to $35,000 to each participating household through a forgivable grant.

The funding announcement comes after the Illinois Housing Development Authority approved various funding awards at their January 2022 Board Meeting, RICHFC said.

IHDA’s Permanent Supportive Housing (PSH) Development Program Round VIII received a total of seventeen applications, and Apoyo Village was one of only ten to be selected for funding, RICHFC said. Demonstrating the competitive nature of these resources. The PSH program is designed to finance developments that focuses on residents who need supportive services in order to access and maintain affordable housing.

As a nonprofit affiliate of the Greater Metropolitan Area Housing Authority of Rock Island County, RICHFC is serving as the project’s sponsor, co-developer, and property manager, RICHFC said.

GMAHA has partnered with Domera Development, LLC who is serving as the project’s developer, RICHFC said. Domera is an experienced developer of affordable housing and permanent supportive housing. The project’s architect is #9 Design, LLC d/b/a North Arrow Architecture, and La Mancha Construction d/b/a North Arrow Construction is serving as its general contractor.

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

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