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Four Open Houses: Fulton's Single Family Purchase Rehab Program

Economic Growth Corporation (GROWTH), in partnership with the City of Fulton, IL, will open the doors of four homes--which are for sale through its Single Family Purchase Rehabilitation Program--on Sunday, March 13, 2016, from 1:00 to 2:30 p.m. 

1603SeventhA ribbon cutting ceremony will officially begin the Open House at 1603 7th Street, Fulton, at 1:00.  This home features three bedrooms, one bath, and 1120 square feet.  The price is $123,900.

The City of Fulton was awarded $250,000 and identified a program that best fit the needs of the community.  A task force was formed through the City of Fulton and identified the four homes in Fulton, which GROWTH acquired.

Seven units will be impacted through the program over a 12 month period, through rehabilitation and down-payment assistance.

This grant award was leveraged with debt from Central Bank 1:1 and created the Single Family Purchase Rehabilitation Program, in order to maximize the resource for greater impact in the community.

Three additional homes have been rehabilitated and are ready for purchase.

822 Fowler Road, three bedrooms, one bath, $139,900

822Fowler

1220 13th Avenue, two bedrooms, one bath, $109,900

1220Thirteenth

822 9th Avenue, two bedrooms, one bath, $94,900

822NinthAve

 

 

 

 

 

 

Learn about Phase Two, known as  the Down-Payment Relocation Assistance Program.  Available Wednesday, June 1, the Down-Payment Relocation Assistance Program targets three eligible Thomson Prison employees, with up to $3392 in down payment and closing cost assistance, towards a purchase of a home within Fulton City limits.  Buyer's agents and the public are welcome and encouraged to attend.

"This partnership between GROWTH and the City of Fulton demonstrates how partnerships strengthen the local housing economy.  Fulton's use of the Attorney General Funds is not like any other.  It has improved the local housing stock...[and created] a unique employer-assisted housing program, that provides Fulton new housing programs and incentives to attract families to relocate to Fulton," said GROWTH President Brian Hollenback.

"We are excited to partner with Economic Growth Corporation to bring the Single Family Purchase Rehabilitation Program to Fulton.  The program not only allowed the City to rehabilitate four homes, but through our partnership, we are also able to offer homebuyer assistance to Thomson Federal Prison employees wishing to purchase a home in Fulton," Ed Cannon, Fulton City Administrator, said.

In July of 2014, GROWTH was awarded $3.5 million in Illinois Attorney General National Foreclosure Settlement Funds.  Over $3 million, or 87% of the total grant award, has been invested on community revitalization efforts throughout Northwestern Illinois.

 

Northwestern Illinois Housing Coalition
GROWTH serves as the lead member and fiscal agent of the Northwestern Illinois Housing Coalition (NWIHC), an initiative in collaboration with the City of Fulton, City of Morrison, City of Sterling, City of East Moline, City of Moline, and the City of Rock Island.  Since 2009, GROWTH has made a $44 million impact in Northwestern Illinois.

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