Development Updates

As a mission-based non-profit development organization, GROWTH has developed 318 units of multifamily housing and growing. Working in various rural and underserved communities, GROWTH is proud to share its recent development updates.

Shimer Square
PHASE 2
Mount Carroll, IL

The rehabilitation and redevelopment of the McKee/Hostetter and Dezendorf Halls within Shimer Square in Mount Carroll, IL is moving forward thanks to the final financing commitment by the Illinois Housing Development Authority (IHDA).

Click here to view the full news release.

800th Homebuyer
Multiple counties, IL

The 800th homebuyer assisted by Rock Island Economic Growth Corporation d/b/a Economic Growth Corporation (GROWTH) closed on their home in fourth quarter 2020.

The 800th household assisted marks a significant milestone for GROWTH’s impact in promoting homeownership in northwest Illinois.
Click here to view the full news release.

Shimer Square
PHASE 1
Mount Carroll, IL

GROWTH was awarded $1.5 million of Rebuild Illinois funds that completes the capital stack Phase 1 of GROWTH’s multiphase redevelopment of Shimer Square.

A total of 54 grant applications were received for the competitive Regional Economic Development (RIRED) component of the Rebuild Illinois grant. GROWTH’s application for Shimer Square represents one of 11 total awardees awarded RIRED funds throughout the state of Illinois.

Click here to view the full news release.

Wilson Lofts
Clinton, IA

After 7 years of perseverance and hard work, Rock Island Economic Growth Corporation d/b/a Economic Growth Corporation (GROWTH) proved itself as a mission-driven owner/developer with the closing of $13.88 million in financing to redevelop the historic Wilson Building in downtown Clinton, IA.
Click here to view full news release.

New Market Tax Credit ActIVITY

Central States Development Partners, Inc. (Central States) GROWTH's Community Development Entity (CDE), was awarded its fifth, consecutive federal allocation of New Market Tax Credits by the CDFI Fund in the 2020 Round. Since receiving its first federal New Market Tax Credit allocation in the 2015-2016 funding cycle, projects financed by Central States Development Partners has been deployed in 11 states representing over $511 million in total project costs and helped to create or retain 8,212 jobs including:
•3,135 direct permanent jobs
•1,789 construction jobs
•1,249 indirect jobs

NMTC projects are designed to create jobs and address unmet needs in low income communities. These projects contribute towards accomplishing community goals by developing underutilized sites. These projects create new, quality jobs accessible to low income persons and help provide essential community goods and services that help to make dramatic improvement of the lives of those that work within and around the project areas. These projects are catalytic and will spur additional investment that would otherwise not move forward had it not been for the New Market Tax Credit financing playing a key role.

IMPACT REPORT