Developers interested in creating residential housing units for low income families may be eligible to receive funding through the City of Rockford Community and Economic Development Department. The City provides gap financing; which is the difference between committed resources and the total development cost of a project. Assisted projects range from single family homebuyer rehabilitation/new construction projects to large multi-family rental developments and subdivisions. All projects receiving $25,000 or more in City funding must be approved by the City of Rockford City Council.
Applying For Funds
Although from time to time, other financial resources such as Tax Increment Financing dollars and Community Development Block Grant dollars may be available, the main source of funds used for residential housing projects is the HOME Investment Partnership Program (PDF) dollars, federal grant funds from the Department of Housing and Urban Development (HUD). The annual HOME budget is generally prepared mid-year and approved by November for the following year.
View the Application Guidance (PDF).
Community Housing Development Organization (CHDO) Application Package Guidance
A CHDO (pronounced cho'do) is a private nonprofit, community-based service organization whose primary purpose is to provide and develop decent, affordable housing for the community it serves. Non-profits serving the Rockford community may receive a CHDO certification when they apply for HOME funds to complete a project. This certification indicates that they meet certain HOME requirements and are eligible to use specific set aside HOME funds which support residential housing development projects. For more information about CHDO's, visit the Home CHDO website.