Neighborhood Stabilization Program




Designated Rock Island Census Tracts

Investment: $33 Million

THE PROBLEM: The worst housing and economic downturn since the Great Depression had serious consequences for Rock Island neighborhoods and businesses. Foreclosures in some neighborhoods spiked 220%, businesses closed, and unemployment spiked.

THE INVESTMENT: A total of $33 million was invested in Rock Island and Northwestern Illinois to stimulate the economy and stall the foreclosure crisis. Funding was put to the streets in an effort to rebuild neighborhoods hurt by foreclosures, vacancies, and blight.

  • GROWTH applied for and received $21.2 million in Neighborhood Stabilization Program funding (NSP1 and NSP2) – programs of the Housing and Economic Recovery Act and American Recovery and Reinvestment Act. Funds were administered by GROWTH to benefit Rock Island and communities in Whiteside County.
  • $4.6 million private funding was secured solely from Rock Island local lending institutions to benefit Rock Island projects.
  • $5 million in additional resources from private foundations, city, state, and federal funds was secured by GROWTH to support NSP projects.
  • An additional $2.2 million in program income was earned from home sales and is being reinvested in Rock Island and Northwestern Illinois.

THE OUTCOMES: This $33 million poured into the local economy over a period of four years. In this time, the economic impact (below) and the outcomes achieved have been remarkable for Rock Island:

  • Supported 212 jobs during a time when lay-offs and business closings were at an all-time high.
  • Impacted nearly 200 housing units.
  • 81 multi-family units were created as affordable, rehabilitated, and new rental
  • 112 single family units were rehabilitated, newly constructed or the demolition of blighted units.
  • Saved historical landmarks, such as the previously named Illinois Oil Company, which is now known as Jackson Square, while also repurposing the building to create 30 new rental units and commercial space.
  • Assisted over 113 qualifying households to secure safe and affordable housing, during the worst housing crisis our country has experienced.
  • Made payments to vendors for the entire NSP 2 consortia totaling $13,633,278.97.
“The Neighborhood Stabilization Program has allowed us to address decline in our neighborhoods where there are high degrees of foreclosure and abandonment. By investing in the homes in these areas, and attracting prepared and educated homebuyers we have made a strategic and lasting impact in our neighborhoods and community.”

– Brian Hollenback
  President, Renaissance Rock Island

 
 

Click here to view the latest quarterly report for Neighborhood Stabilization Program 2.