Live-Work Rock Island Employer Assisted Homebuyer Program

What is Live-Work Rock Island Employer Assisted Homebuyer Program?

Live-Work Rock Island Employer Assisted Homebuyer Program is a forgivable loan for homebuyers in Rock Island, Illinois, administered by Rock Island Economic Growth Corporation (GROWTH) / Development Association of Rock Island (DARI).

• 0% interest forgivable assistance.
• No income restriction below 120% AMI.
• Free homebuyer education class.
• Employer-assisted model strengthening Rock Island workforce.
• 20+ year proven program.

Do you have to pay it back?

Live-Work Rock Island Employer Assisted Homebuyer Program is forgiven after 5 years, so a buyer who stays that long does not repay it.

• Repayment is triggered by Sale or move before 5-year occupancy period; prorated repayment.
• The assistance is recorded in second position.
• Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Live-Work Rock Island Employer Assisted Homebuyer Program is open to buyers who will live in the home as their primary residence.

What are the income limits?

Live-Work Rock Island Employer Assisted Homebuyer Program limits household income to 120% of the area median income, which varies by county and household size.

• Household income up to 120% of Area Median Income for the Rock Island-Moline MSA.
• The limit applies to total household income, not only the borrower’s.
• Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Live-Work Rock Island Employer Assisted Homebuyer Program caps the purchase price as follows: Home must be in Rock Island city limits; employer must be a DARI member in good standing for at least 30 days.

• New construction is eligible.
• Manufactured homes are not eligible.

Is there eligibility for specific groups?

Live-Work Rock Island Employer Assisted Homebuyer Program is limited to employees of Employees of DARI (Development Association of Rock Island) member businesses only. List maintained at economicgrowthcorporation.com/live-work-rock-island.html.

• Being named here means the program mentions the group, not that membership alone qualifies an applicant — the rest of the eligibility rules still apply.

Where does it apply?

Live-Work Rock Island Employer Assisted Homebuyer Program serves buyers purchasing in Rock Island, Illinois.

• The program targets specific areas: City of Rock Island; employer must be a DARI member.

How do you apply?

Applications for Live-Work Rock Island Employer Assisted Homebuyer Program go through Rock Island Economic Growth Corporation (GROWTH) / Development Association of Rock Island (DARI), which publishes the current terms and the application steps on its own site.

1. 1

   Take a homebuyer education course

   Required by the program, through GROWTH HUD-certified Housing Counseling (one-day homebuyer class, no cost); one-on-one HUD-certified counselor meeting.

2. 2

   Contact Rock Island Economic Growth Corporation (GROWTH) / Development Association of Rock Island (DARI) to reserve funds

   Funds are reserved with the provider and are subject to availability.

3. 3

   Work with a lender who handles the program

   Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.