Illinois Attorney General National Foreclosure Settlement funds (AG)

The Illinois Attorney General National Foreclosure Settlement Funds advances efforts of strengthening neighborhoods, increasing the local tax base, and improving the local housing stock. The Funds further community revitalization efforts through the following activities. 

In July 2014, GROWTH was awarded $3.5 million in Illinois Attorney General National Foreclosure Settlement Funds on behalf of the Northwestern Illinois Housing Coalition (NWIHC). The NWIHC is an initiative of GROWTH in collaboration with the City of Rock Island, City of Moline, City of East Moline, City of Sterling, City of Fulton, City of Morrison, Arc of the Quad Cities, and Project NOW.  
 
To date, $3,500,000 of the total grant award (100%) has been expended to advance efforts that include new rental construction, new single family homeownership, homebuyer and financial education counseling, and demolition activities.  
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To date, $3,500,000 of the total grant award (100%) has been expended to advance efforts that include new rental construction, new single family homeownership, homebuyer and financial education counseling, and demolition activities.  

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Regional Impact

$21.5 Million invested in northwestern Illinois since 2014 using AG funds

More than $7 million in government revenue has been supported through AG funds, which includes sales tax paid on products and materials, payroll taxes for construction and industry workers, permits and fees. This model is based on the 2014 National Homebuilders Association. 

LEVERAGE & JOBS

An additional $17.7 Million was leveraged with AG grant funds including financing tools such as Tax Increment Financing (TIF), Tax Credits, Private Foundations, and Mortgage Lending products necessary to fully fund development projects.

AG funds supported more than 183 jobs in multiple industries including construction, material suppliers, professional industries such as architects, engineers, REALTORS, lawyers, and accountants. 

HOMEBUYERS & HOUSING UNITS 

252 homebuyers were educated using AG funds. As a HUD certified housing counseling agency, GROWTH's housing counseling provides educational classes that educate individuals on buying a home, defaults, foreclosure intervention & prevention, and resolving credit issues. 

A total of 146 housing units were impacted which include rehabilitation of single family units, stabilization and creation of multifamily units, and demolition activities.