EAST MOLINE, ILLINOIS (June 27, 2023) — Rock Island County Housing Finance Corporation (RICHFC) is pleased to announce a new guided pathway to home ownership for families in Rock Island County. The new program is called I‐HOPE — Independence through Home Ownership Program Equity. I‐HOPE will connect 25 area families with up to $35,000 in forgivable grant funds to assist 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 offer income‐ eligible adults, families and seniors affordable, safe and friendly rental options. The launch of this innovative new program is designed to move families along the housing continuum to homeownership and wealth building opportunities.
“Home-ownership 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, GMAHA CEO. “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.”
Funded through equity generated by the Illinois Housing Development Authority’s State Donation Tax Credit Program, I‐HOPE begins with one year of pre‐purchase counseling and financial literacy coaching to ensure clients continue to get the support and resources needed to be successful in the long term. Participants must then be able to secure 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 now 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, visit gmaharic.org/.
About Rock Island County Housing Finance Corporation
RICHFC is the non-profit arm of the Greater Metropolitan Area Housing Authority (GMAHA), developed to promote and advance decent, safe, healthy, and affordable housing for households in Rock Island County, Illinois. RICHFC develops and maintains innovative programs to support housing for those who need it most, including working families, veterans, and seniors. GMAHA manages eight multifamily rental properties in East Moline, Moline, Milan, and Silvis serving approximately 1,014 households in the fiscal year beginning July 2022 and ending June 30, 2023.
