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.

Live-Work Rock Island Employer Assisted Homebuyer Program is forgiven after 5 years, so a homebuyer 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.

Live-Work Rock Island Employer Assisted Homebuyer Program is open to homebuyers who will live in the home as their primary residence. On credit, the program states: Must qualify for primary mortgage with a lending institution. A homebuyer education course is required, through GROWTH HUD-certified Housing Counseling (one-day homebuyer class, no cost); one-on-one HUD-certified counselor meeting. Residency requirement: Purchase and occupy a home within the City of Rock Island. Applicant must be employed by a current DARI member in good standing (minimum 30 days membership). Non-DARI employer employees may request an exception directly through GROWTH. Program phases occur periodically (e.g. Phase 12 announced 54 slots); check with GROWTH for current phase status. [orig: dpa_interest_rate: 0%; income_limit_amount: $117,240 for household of 4 (Rock Island-Moline MSA, as reported)].

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.

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.

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.

Live-Work Rock Island Employer Assisted Homebuyer Program serves homebuyers purchasing in Rock Island, Illinois. The program targets specific areas: City of Rock Island; employer must be a DARI member.

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