Project Rebound debuts first rehabilitated house

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An idea that grew out of the failed Galesburg Chamber of Commerce Housing Task Force has blossomed into a new housing assistance program.

Representatives from Project Rebound met today to show off the first of what is expected to be a number of rehabilitated houses in Galesburg. 

The idea is to help low to moderate income families who can’t initially afford the traditional financing on a home. Each home is expected to cost around $50,000.

Prospective buyers are not required to make a down payment but will pay their first year insurance premium and will be encouraged to move toward a traditional mortgage within two to three years of ownership. 

Carrie McKillip, with the University of Illinois Extension, tells WGIL helping to fix deteriorating homes in Galesburg is also a goal. 

“Within the city limits of Galesburg we have lots of properties that are falling into disrepair and that eventually end up on the tear down list for the city,” McKillip says. “So, the city has worked with us and waived the inspection fees on the contractors that are doing houses for this project.”

McKillip says Project Rebound is aiming to renovate two houses per year. The rehab itself is generally done by the property owner, so, in essence, anyone with a home for sale in the price range could apply to work with the project committee to renovate and sell their house. 

The new homeowner of the first “project house” will live in a fully renovated three bedroom, one and a half bath dwelling at 1100 Grand Ave.

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