Rockford Community Bank Contributes Capital
Quarterly Webinar Series Announced
We are pleased to announce the availability of a new grant program offered in collaboration with Rockford Corridor Improvement, Inc.
Where is the Grant Available? The grant is available for housing rehabilitation projects completed in the Ellis Heights Neighborhood of Rockford. Additionally, Rockford Corridor Improvement, Inc. will consider, on a case-by-case basis, providing the grant for housing rehabilitation projects completed within City’s the Blight Reduction Program Map.
How Much is the Grant? The grant equals 10% of the rehabilitation costs actually incurred by the rehabber. If the rehabber completes the rehab project and transfers the property to a bona fide owner-occupant, the grant equals 33% of the actual rehabilitation costs incurred by the rehabber.
Who is Eligible? Rehabbers who do not have a criminal record, who do not have a history of delinquent real estate taxes, code violations, or other issues which make them unacceptable to the City of Rockford, and who (in the case of an entity) are in good standing with their State of Incorporation/Organization.
How Does it Work? Borrowers working with RCIF to rehabilitate homes in Ellis Heights or the Blight Reduction Program Area (if the project is approved) will need to provide documentation as to the costs incurred in the rehab project, and demonstrate that the project is complete with all costs paid. If the applicant is seeking the larger grant, the purchaser of the property will need to certify that they are going to occupy it as their personal residence. Borrowers will receive the grant proceeds at the closing when the RCIF loan is paid off by refinance or by transfer of the property to an owner occupant.
We are excited to be a part of this collaboration and believe that it will support these neighborhoods by increasing the availability of decent, safe and sanitary housing options for their residents.