GALESBURG, Ill. (September 19, 2018) – Project Rebound is pleased to announce Galesburg Community Foundation will partner with the program to support qualified, local families looking to purchase restored homes. Project Rebound rehabs abandoned or distressed homes which can then be purchased by qualified first time home buyers within the City of Galesburg.
Project Rebound hand selects the homes to be rehabbed and works with local families to ensure they are a good fit for the program. The primary focus is young families and workers in service industries or entry level jobs who may not be able to save for down payments and are looking to purchase their first home. Selected families may have the opportunity to purchase the renovated homes for $65,000 or less and have the opportunity for 100% financing.
In partnership with Project Rebound and their affiliated lenders, which include Midwest Bank and F&M Bank, Galesburg Community Foundation will provide up to 20% of the loan amount for qualified first time home buyers of Project Rebound homes. This support from the Community Foundation can provide funding for up to five homes, with up to $65,000 in total commitment during the partnership.
Carrie McKillip, Extension Educator, with University of Illinois Extension and Project Rebound Board Chair, said, “We are very excited with this new partnership. It not only provides for additional project homes, but it illustrates the level of support and commitment in the Galesburg Community. The Community Foundation understands the ties between home ownership and community health, and is willing to be creative in working with organizations to achieve their goals.”
Joshua Gibb, President & CEO of Galesburg Community Foundation said, “We believe in this partnership as it provides another way for us to invest in our local communities and families who call our region home. This work is also congruent with the recent draft of the City of Galesburg’s Comprehensive Plan, which encourages refurbishing or reusing existing homes in established neighborhoods. Plus, this approach provides affordable, safe, housing for residents, and our community will benefit through better neighborhoods, increased property values and property taxes.”
Jennifer Anderson, Chief Financial Officer of Galesburg Community Foundation added, “There are multiple benefits that come with this partnership. We are helping local families achieve first time home ownership and move into homes they can be proud of, beautifying our neighborhoods and helping our community improve its housing stock. Everyone involved benefits from the partnership of this program.”
Project Rebound project partners include The City of Galesburg, F & M Bank, First Mid-Illinois Bank & Trust, Galesburg Community Foundation, Hillary Construction, Jackie Turner, Mel Foster Co., Midwest Bank, Pugh Enterprises, University of Illinois Extension and Western Illinois Builders Association.
About Project Rebound
Project Rebound works to rehab abandoned or distressed homes to be purchased by qualified first time home buyers within the City of Galesburg.
About Galesburg Community Foundation
At Galesburg Community Foundation, helping your community is easier than ever. We believe anyone can be a philanthropist. We help donors discover the many ways to give. When it’s time to make a gift, Galesburg Community Foundation can connect you to the causes you care about most. GCF also makes it simple for nonprofit organizations to apply for grants, and we offer a network of relationships with community leaders, professional development, training and skills to help your nonprofit organization find footing on solid ground. Since 2008, Galesburg Community Foundation has distributed more than $6.5 million in grants to our communities.
***Report Courtesy of Project Rebound***