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A Rock Island-based program that connects employees with affordable housing is celebrating its 20th anniversary.
Live-Work Rock Island is an employer-assisted housing program launched in 2003. It started out of a partnership between the Development Association of Rock Island (DARI) and the Economic Growth Corporation.
DARI was formed in 1986 by 13 members wanting to establish a nonprofit that would help revitalize the Rock Island economy, according to its website. Among DARI’s major goals are creating jobs, promoting development and improving the housing market.
Businesses in Rock Island that belong to DARI pay annual dues to help continue the goals.
When the Live-Work Rock Island started in 2003, the program used those funds to help homeowners with down payments, closing costs and education needed throughout the process. To be eligible, participants must be employees of a company that belongs to DARI. There are now around 40 eligible companies.
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Live-Work Rock Island celebrates its 20th anniversary with a news conference on Wednesday, Dec. 13, at the Speakeasy in Rock Island.
Gretchen Teske
After going through the application process and getting approved, Live-Work Rock Island provides 5% down payment assistance and up to $1,500 in closing costs assistance toward the purchase of a home.
In the 20 years since it started, the Live-Work program has provided more than $2.45 million in down payment and closing cost assistance to 433 DARI-member employees looking to purchase homes.Â
“This truly shows how strong and stable our public and private partnership has been,” said Troy Green, the DARI board chair. “Twenty years later I believe it to one of, if not the only, longest running employer-assisted housing program in the State of Illinois.”
Brian Hollenback, CEO of Growth, said the success of the program is ongoing. Next Tuesday, a Rock Island firefighter will be the 434th home owner to benefit from the program, receiving a grant for more than $10,000 in down payment assistance.
Congressman Eric Sorensen (IL-17) recognized the organization on the U.S. House floor Dec. 1. His outreach director, Rachel Lund, read his declaration aloud Wednesday evening.
Sorensen told the floor the program was instrumental in helping to remove barriers when it comes to purchasing a home. The financial and educational services provided help create well-rounded home owners, he said.
“Homeownership is key to building wealth and security in your future,” Sorensen said. “Live-Work is giving families the leg up to create a space to lay down roots, create memories, break bread and build a stronger community.”
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