Danielle Coberly, of Silvis, hopes to one day buy a home for her family. Today, with the help of a new home ownership program meant to assist Rock Island County families, that dream might come true.
“I’m a single mom with three kids. A program like this is just amazing. … I’m looking for a four-bedroom home,” Ms. Coberly said Tuesday, June 27, during a kickoff event introducing the new I-HOPE program. I-HOPE, or Independence through Home Ownership Program Equity, will give families money to help them buy a home.
About 75 people on Tuesday attended the event, held at The Bend Event Center, 910 Bend Blvd., East Moline, to learn about the new program.
I-HOPE will connect 25 area families with up to $35,000 in forgivable grant funds to assist with down payment and closing costs on a primary residence, single‐family home in Rock Island County. It is designed to move families along the housing continuum to homeownership and wealth building opportunities. (To apply for the program, visit here.)
I-HOPE is being introduced by the Rock Island County Housing Finance Corporation (RICHFC) and the Greater Metropolitan Area Housing Authority (GMAHA).
“Homeownership continues to be the primary driver of household wealth and is the largest asset on the balance sheets of a majority of households across the nation,” said Amy Clark, GMAHA’s CEO. “As a community‐based affordable housing agency, we are dedicated to developing and implementing programs to expand homeownership and wealth building opportunities for working families.”
At Tuesday’s kickoff event, Ms. Clark said she expects the response to the program to be “overwhelming.” In fact, applications for I-HOPE started to be accepted at 8 a.m. today, June 28, and the program could get its 25 eligible families very quickly – perhaps in one day. She urged people interested in the program to apply immediately.
“I don’t know how long it will take (to get the 25 eligible families), but they need to apply fast,” she said, adding that people will be selected on a first-come, first-served basis contingent on eligibility.
Under the I-HOPE program, prospective homebuyers can get a $35,000 grant to help buy a home. As part of the program, $10,000 will be used as a down payment and closing costs assistance, and $5,000 will go to an escrow account held by the lending institution to be used for replacement and/or emergency reserves, according to information from GMAHA.
The new program is being funded by money generated by the Illinois Housing Development Authority’s State Donation Tax Credit Program.
The I-HOPE program targets low-income people at or below the 60% of the area medium income (AMI), but will help households that do not exceed 120% of AMI. People may qualify for the program if their household income is at or below these amounts:
- One-person household: $74,300.
- Two-person household: $84,900.
- Three-person household: $95,500.
- Four-person household: $106,100.
- Five-person household: $114,600.
- Six-person household: $131,600.
In addition to meeting the financial requirements, those selected for the I-HOPE program will also have to participate in pre-purchase counseling, financial literacy coaching and case management services.
In addition to local housing officials, Tuesday’s event also featured state-level officials who promised to help people get into homes.
“Owning a home can very quickly get overwhelming. … Our mission is to make it easy for folks,” said Racheal Falzone, an account manager for the Illinois Housing Development Authority.
The kickoff also attracted several area residents who said they are applying for the I-HOPE money. One of those residents was an East Moline woman who asked not to be identified.
“I really don’t know anything about home ownership. I’ve been a renter. … I’m just here dipping my toes into the water to see if this might be for me,” she said.
