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Ground breaking for three homes in Rock Island

An economic corporation broke ground on new homes in Rock Island on Friday.

An economic corporation broke ground on new homes in Rock Island.

On Friday, August 2, 2013 Rock Island Economic Growth Corporation (GROWTH) held the groundbreaking for three new homes in the New Old Chicago Neighborhood.

GROWTH has built five new construction homes in the area of Friday’s groundbreaking in the 600-block of 10th Street in Rock Island.

Funding for the three homes is coming from the City of Rock Island’s Tax Increment Financing dollars, Wells Fargo Leading the Way Home Priority Markets Initiative grant funds, GROWTH’s Neighborhood Stabilization Program income, Illinois Housing Development Authority State Donation Tax Credits, and private debt.

Those looking to purchase the homes can qualify if they earn at or below 120-percent of the Area Median Income. The homes will be available for presale, so buyers can make an offer during the construction.

The homes will range from $114,900 - $117,900, with estimated payments of less than $750 per month. GROWTH’s homebuyer program must approve the eligibility and application of a buyer.

It is expected that the homes will be constructed by spring of 2014.

For information on homes for sale, and for a link to the application – click here.

Rock Island ground breaking, 8-2-13. Photo courtesy of Renaissance Rock Island.