ECONOMIC GROWTH CORPORATION
  • About
    • Who We Are, What We Do
    • Meet the Team >
      • Brian Hollenback, President/CEO
      • Cindy Berg, Chief Financial Officer
      • Beth Payne, Senior Vice President
      • Carey Jorgensen, Director of Property Management
      • Andrew Fisher, Construction Director
      • Kerry Mangelsdorf, Office Manager & IT Support
      • James Jones, Housing Manager
      • Frank Perez, Financial Education Coordinator
      • Jeremy Crafton, Project Manager
      • Kate Lackey, Accounting Assistant
      • Alex Stockwell, Controller
      • Malory Jensen, Receivables and Grant Coordinator
      • Heather Starr, Executive Assistant
    • Awards
    • Bidding Opportunities >
      • Bid Process for New Contractors
  • Development
    • Multifamily >
      • Shimer Square
      • Northside Lofts
      • Wilson Lofts
      • Sala Flats
      • Renaissance & Goldman Lofts
      • Centre @ 501
      • Coatsworth Apartments
      • Lawrence Lofts
      • Star Block
      • The Locks
      • Jackson Square
      • Goldman Family Block
      • McKesson Lofts
      • Voss Brothers Lofts
      • Douglas Park Place
      • Bowlby Condominiums
      • Clipper Condominiums
      • Goldman Lofts
      • Renaissance Lofts
      • Broadway Townhomes
      • Murphy Lofts
    • Single Family >
      • Garden District
      • New Old Chicago Redevelopment Subdivision
      • Villas at College Hill
    • Neighborhood Stabilization Program
    • Illinois Attorney General Foreclosure Settlement Funds
  • Programs
    • Buying A Home >
      • Live-Work Rock Island
      • Moline Downpayment Housing Program
    • Fixing My Home
  • Housing Counseling
    • Housing Counseling Services >
      • Financial Literacy & Housing Counseling
      • Alfabetización financiera y educación para compradores de vivienda
    • Homebuyer Education >
      • Homebuyer Class Schedule
    • Personal Growth Workshop
    • Post Purchase Class
  • Subsidiaries
    • Central States Development Partners, Inc.
    • Home Base Property Management, LLC
    • Growth General Contracting, LLC
  • Publications
  • Contact

Neighborhood Stabilization Program

Designated Census Tracts: Rock Island, Moline, and Sterling, Illinois 
$44 million investment overall in Northwestern Illinois 
Picture
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. 


Picture
Picture

Picture
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. 
Picture
100 19th Street, STE 109
Rock Island, IL 61201
309-794-6711
​[email protected]
Picture
Economic Growth Corporation and its subsidiaries are Equal Opportunity Providers.

Fair Housing/ Equal Opportunity Statements:
We are pledged to the letter and spirit of U.S. Policy for the achievement of equal housing opportunity throughout the nation. ​​In accordance with federal law and the U.S. Department of the Treasury policy, Central States Development Partners, Inc. is prohibited from discriminating on the basis of race, color, national origin, sex, age or disability.  

Conflict of Interest Statement:
Economic Growth Corporation and its affiliates (collectively, GROWTH) require staff and members of the Board of Directors to comply with all applicable federal, state and local laws, rules and regulations pertaining to GROWTH’s activities, to conduct themselves ethically and with integrity; and to avoid any conflict between their own interests and the interests of GROWTH. 

  
  • About
    • Who We Are, What We Do
    • Meet the Team >
      • Brian Hollenback, President/CEO
      • Cindy Berg, Chief Financial Officer
      • Beth Payne, Senior Vice President
      • Carey Jorgensen, Director of Property Management
      • Andrew Fisher, Construction Director
      • Kerry Mangelsdorf, Office Manager & IT Support
      • James Jones, Housing Manager
      • Frank Perez, Financial Education Coordinator
      • Jeremy Crafton, Project Manager
      • Kate Lackey, Accounting Assistant
      • Alex Stockwell, Controller
      • Malory Jensen, Receivables and Grant Coordinator
      • Heather Starr, Executive Assistant
    • Awards
    • Bidding Opportunities >
      • Bid Process for New Contractors
  • Development
    • Multifamily >
      • Shimer Square
      • Northside Lofts
      • Wilson Lofts
      • Sala Flats
      • Renaissance & Goldman Lofts
      • Centre @ 501
      • Coatsworth Apartments
      • Lawrence Lofts
      • Star Block
      • The Locks
      • Jackson Square
      • Goldman Family Block
      • McKesson Lofts
      • Voss Brothers Lofts
      • Douglas Park Place
      • Bowlby Condominiums
      • Clipper Condominiums
      • Goldman Lofts
      • Renaissance Lofts
      • Broadway Townhomes
      • Murphy Lofts
    • Single Family >
      • Garden District
      • New Old Chicago Redevelopment Subdivision
      • Villas at College Hill
    • Neighborhood Stabilization Program
    • Illinois Attorney General Foreclosure Settlement Funds
  • Programs
    • Buying A Home >
      • Live-Work Rock Island
      • Moline Downpayment Housing Program
    • Fixing My Home
  • Housing Counseling
    • Housing Counseling Services >
      • Financial Literacy & Housing Counseling
      • Alfabetización financiera y educación para compradores de vivienda
    • Homebuyer Education >
      • Homebuyer Class Schedule
    • Personal Growth Workshop
    • Post Purchase Class
  • Subsidiaries
    • Central States Development Partners, Inc.
    • Home Base Property Management, LLC
    • Growth General Contracting, LLC
  • Publications
  • Contact