By Amy Kent Herald Staff Writer
The Clinton Herald
---- — FULTON, Ill. — One Fulton resident will receive assistance to refurbish their home from the Rock Island Economic Growth Housing Coalition in the form of a 10-year, $20,000 forgivable loan..
Fulton city officials were notified of the low-interest housing loan on March 31, with the deadline to apply only two days later on April 2. City officials quickly contacted as many qualified residents as they could in the short time, and the city was able to enter three possible candidates into the selection pool.
“We were contacted at the last moment from Rock Island Growth that Fulton was a community that had some funds available for a low interest housing loan,” City Administrator Ed Cannon said. “The program is called a single-family, owner-occupied rehabilitation, and a resident from Fulton will actually receive this low-interest loan.”
A representative from the Rock Island Growth Housing Coalition will meet with Fulton officials today at City Hall to select the winner of the three applicants and begin the second step of the selection process.
That second stage will include a home inspection by the Rock Island group and will require the resident pass a series of prerequisites to qualify their home for the 10-year loan.
While the possible loan and renovations are not necessarily what city officials picture for economic development, Mayor Larry Russell is feeling encouraged that the city continues on a path of improvement.
“It’s kind of an odd way of looking at economic development but it’s bringing new money into the community,” Russell said. “It’s out there; it’s going to somebody. It’s another form of keeping money to home or bringing new money to the area. If we don’t compete for it, shame on us.”