Press release submitted by Congressman Phil Hare|
WASHINGTON, DC-Congressman Phil Hare (D-IL) today announced that the Rock Island Economic Growth Corporation (GROWTH) has received $18,530,708 from the American Recovery and Reinvestment Act.
"This substantial investment from the economic recovery package will go a long way toward reviving our local economy, putting people back to work, and keeping families in their homes."
The grant is being awarded under the U.S. Department of Housing and Urban Development's Neighborhood Stabilization Program. GROWTH was among 60 recipients selected nationwide and will partner with the city of Moline, city of Rock Island, city of Sterling, and the Illinois Housing Development Authority.
"By investing Recovery Act dollars in revitalizing hard-hit neighborhoods, we're not only creating new job opportunities, but giving communities across the country an opportunity for a fresh start," said Vice President Joe Biden. "These competitive awards go to the heart of the Recovery Act: funding innovative projects that both provide immediate relief and help lay a new foundation for long-term economic growth."
NSP grants are designed to build on the work being done now to help state and local governments and non-profit developers collaborate to acquire land and property; to demolish or rehabilitate abandoned properties; and/or to offer down-payment and closing cost assistance to low- to middle-income homebuyers.
Hare strongly supported the American Recovery and Reinvestment Act. The nonpartisan Congressional Budget Office estimates this legislation has created up to 1.6 million jobs nationwide.