Rock Island’s Employer Assisted Housing Program, a pilot program for the state of Illinois, is flying high these days.
Rock Island Economic Growth Corp. or GROWTH, announced Wednesday that the Illinois Housing Development Authority has awarded funding to GROWTH for Phase 7 of its Employer Assisted Housing Program, or EAP.
Known as Live-Work Rock Island, the homebuyer program supports the concept of living close to one’s work. EAP assists employees who work for a member of the Development Association of Rock Island, or DARI, and wish to purchase a home in the city.
Since its beginning in 2003, EAP has assisted 217 households with nearly $1.3 million in direct homebuyer assistance. Assistance per household ranges from $4,300 to more than $7,700. The program has generated more than $21.9 million in real estate transactions with 54 percent of participating households involving families moving to Rock Island from other communities.
Under the program, EAP homebuyers are granted up to 3 percent of the home’s purchase price for down payment assistance; up to $1,500 for closing costs; homebuyer must be an employee of an eligible DARI member company; must contribute a minimum $1,000 to the transaction; and can earn up to 120 percent of the area median income.
The top participating employers of the Live-Work Rock Island program are employees who work for the city of Rock Island, Augustana College, Rock Island Arsenal, Rock Island-Milan School District, Trinity Health System and Deere & Co.
For more information, call 309-788-6311.