Neighborhood Stabilization Program
Designated Census Tracts: Rock Island, Moline, and Sterling, Illinois
$44 million investment overall in Northwestern Illinois
THE PROBLEM: The worst housing and economic downturn since the Great Depression had serious consequences for Rock Island neighborhoods and businesses.
Foreclosures in some neighborhoods spiked 220%, businesses closed, and unemployment spiked.
GROWTH applied for and received $21.2 million in Neighborhood Stabilization Program funding (NSP1 and NSP2) - programs of the Housing and Economic Recovery Act and American Recovery and Reinvestment Act. Funds were administered by GROWTH to benefit Rock Island and communities part of the Northwestern Illinois Housing Coalition.
THE INVESTMENT: A total of $44 million was invested in Rock Island and Northwestern Illinois to stimulate the economy and stall the foreclosure crisis. Funding was put to the streets in an effort to rebuild neighborhoods hurt by foreclosures, vacancies, and blight.
NSP grant funds were leveraged with another $22.8 million in local, state, private, and other grant resources- for a total of $44 million invested in northwestern Illinois.
JOBS: 236 jobs were created with more than 233 jobs supported during a time when lay-offs and business closings were at an all-time high.
HOUSEHOLDS ASSISTED: 147 households were assisted through NSP 1 and NSP 2 in securing high quality, affordable housing through homebuyer counseling, financial education, and direct financial assistance activities.
SUPPORTING & SUSTAINING THE ECONOMY: The one-time impact of NSP funds invested is estimated to have generated more than $8.6 Million in local, state, and federal taxes.
Above: Site prior to start of construction of five new infill construction homes in Rock Island, IL's oldest neighborhood, New Old Chicago.
Below: 212 jobs were supported during a time when lay-offs and business closings were at an all time high.
Below Right: Before and After photo of a home rehabilitated using NSP funds. A total of 193 housing units (as of 2013) were impacted through the NSP program.