Economic Growth Corporation

05/01/2026

Shimer Square was always going to be a high-impact historic, adaptive-reuse with complex challenges in rural Mt. Carroll, IL. Estes Construction met that challenge head on, delivering with precision, care, and deep respect for the historic integrity of the site- ultimately bringing 51 units of affordable housing to life in a rural community, within an amazing setting rich in history dating back to the 1850s.
Special thanks to the team at Estes Construction: Nathan Billany, Sam Pilcher, Kendall Deter, and Clint Hoeger alongside Brian Hollenback and Andrew Fisher, for helping tell the story behind Shimer Square’s transformation.
Learn more from the Estes team and watch the full video series: https://www.shimersquare.com/video-series.html

04/01/2026

Join us in celebrating our 900th Homebuyer Closing!

Economic Growth Corporation's milestone homebuyer closed on her home on March 31, 2026. The 900th closing is especially meaningful- the home was previously owned by the homebuyer’s grandmother, a meaningful link between homeownership and family legacy.

The homebuyer purchased a home in Rock Island, IL, through GROWTH’s Employer Assisted Homebuyer Program (EAP), locally known as Live‑Work Rock Island. The homebuyer is an employee of Friendship Manor, a participating employer and member of the Development Association of Rock Island (DARI).

To celebrate the occasion, the homebuyer received a gift card to Handy True Value Hardware.

EAP serves as a workforce development tool designed to strengthen Rock Island’s population base by helping local employees purchase homes within the community.

This closing marks the 482nd homebuyer assisted through EAP since the program’s inception in 2003. Over more than two decades, GROWTH has supported home purchases for buyers throughout Rock Island, the Illinois- Quad Cities, and northwestern Illinois.

“Reaching our 900th homebuyer is a milestone we’re incredibly proud of, but what matters most are the individuals and families behind that number,” said Brian Hollenback, President and CEO of Economic Growth Corporation. “It’s about the memories made, the continued investment residents make in their homes and their community, raising families, attending local schools, and being an active part of the neighborhood, while supporting local employers and staying rooted in the community they serve.”

About EAP (Live‑Work Rock Island):
💵Up to 5% of the purchase price for down payment assistance
💵 Up to $1,500 in closing cost assistance
👨‍👩‍👧‍👦 Income up to 120% Area Median Income (AMI), which translates to $117,240 for a family of four.
🏢 Must be employed by a DARI‑member company
🏡 Must purchase a home anywhere within city limits of Rock Island
✅ Minimum $1,000 buyer contribution

To date, EAP has provided more than $2.8 million in down payment and closing cost assistance, with an average grant of $5,875 per household.

All homebuyers complete GROWTH's free, HUD‑approved homebuyer education- we invite anyone considering homeownership to attend the class. Workshops are *not* limited to first-time homebuyers, as there are programs available that support homeownership beyond a first purchase, including EAP👉https://www.economicgrowthcorporation.com/homebuyer-class-schedule.html or call 309-794-6711.



Equal Housing Opportunity.

03/30/2026

Remembering the life of Shelley Sheehy. 🕊️

Shelley Sheehy, a long‑time friend and devoted community champion, passed away on Wednesday, March 27. Shelley’s commitment to community was in her blood the day she was born, and her deep ties to our staff, especially with Brian Hollenback, President/CEO, dates back to the mid‑1990s. Her commitment to mission and community continued until her passing.

Shelley was an original Advisory Board member of Central States Development Partners, serving from our inception in 2009 through the end of her life. She also joined the GROWTH Board in 2017. Although the GROWTH board accepted her resignation in January, Shelley continued her service as an Advisory Board member with Central States. On February 16, 2026, Shelley approved $50 million of Central States' $75 million New Market Tax Credit allocation award that will achieve our highest and greatest effort by Central States to date.

Shelley was never shy about speaking up, both in support and in challenge, regarding how resources should be deployed to achieve the greatest impact. She was a true grassroots champion and a pioneer in the fight against predatory lending, the advancement of CRA reform, and ensuring resources reached low‑income individuals and communities. Even as her health declined, her sharp mind and clarity never did.

Shelley also served as an Emeritus Board Member for NCRC and, for many years, directed NCRC staff to provide grants that allowed our staff to attend the annual conference in Washington, D.C. Through her affiliation with NCRC, Shelley nominated GROWTH for the James Leach Award, which GROWTH received in 2016. This national award recognizes the most outstanding rural nonprofit organization that promotes fair and equal access to credit and capital and contributes meaningfully to wealth building in traditionally underserved populations. Shelley herself received this honor in 2017.

We are incredibly fortunate to have such dedicated board members. Shelley’s loss is deeply felt, but her legacy, defined by advocacy, leadership, and an unwavering commitment to building more equitable communities, will continue to live on through our work and in the communities she so fiercely believed in.

We will take it from here, Shelley.💗

03/17/2026

Honored to share: Shimer Square featured on Cover of Carroll County Living Magazine, Spring 2026: https://issuu.com/shawmedia/docs/carroll_county_living_-_spring_2026/21

Shimer Square's appearance marks a moment of reflection for everyone who has been a part of its transformation. The feature by Cody Cutter of Sauk Valley Media - Shaw Local not only captures the momentum, it highlights the importance of the remarkable redevelopment journey years in the making.

When GROWTH took title to the 14-acre former Shimer College campus, we committed to a vision rooted in historic, adaptive-reuse, mixed-use redevelopment, and broad community engagement. In 2019, residents took the drivers seat in a community-driven renaming process, ultimately decided by a coin toss by Mayor Carl R. Bates at Mayfest, officially naming the campus Shimer Square.

What followed was a redevelopment effort years in the making, defined by collaboration, determination, and downright grit. In November 2025, we proudly celebrated the completion of Shimer Square Apartments, a resource center, and Honey Bee Child Development Center at Shimer Square, and future development on this abandoned, historic college campus that started in the 1850s.

This recognition is both a celebration and a reminder that developments like Shimer Square are never the work of one person or one organization alone.

They succeed because Economic Growth Corporation's Board of Directors made bold, strategic decisions to champion the largest redevelopment effort in our history- and because they placed unwavering trust in the vision and leadership of our team.

From day one, this work starts with strong leadership, genuine community support, and *exceptional transaction and development teams* who stand alongside GROWTH- sharing the vision, the challenges, and the hard work every single day.

Shimer Square required a complex financing structure built from nine coordinated sources, including State Historic Tax Credits and Federal Historic Tax Credits through Illinois State Historic Preservation Office/ Illinois Department of Natural Resources and National Park Service. The Illinois Housing Development Authority provided the core foundation through Affordable Housing Tax Credits, Donation Tax Credits, and a COVID-19 Affordable Housing Grant Program loan. These resources were further leveraged with support from American Bank & Trust, BankORION, Bridge Investment Community Development Corporation, the City of Mount Carroll Illinois, Clocktower Tax Credits LLC, IHMVCU, R4 Capital LLC, and Sauk Valley Bank.

Development team members included: Economic Growth Corporation, Baranski Hammer Moretta & Sheehy Architects & Planners, Applegate & Thorne-Thomsen, P.C., Estes Construction, Bracket Partners, and Yost Management Services.

Shimer Square's story is far from over, but today, we pause to appreciate how far we've come, and everyone who made is possible.

Shimer Square Apartments makes the cover!🌟

We're excited to share that Shimer Square is on the cover and featured in the latest issue of Carroll County Living Magazine, published by Sauk Valley Media - Shaw Local.

Journalist Cody Cutter spent time with the team at Economic Growth Corporation to dive into the redevelopment journey, the transformation already taken place, and what's still to come for this historic campus.

We remain incredibly grateful for the entire team, past and present, welcoming residents, restoring purpose to a long‑vacant campus, and setting the stage for an exciting future.

Article➡️ https://issuu.com/shawmedia/docs/carroll_county_living_-_spring_2026/21

03/16/2026

Economic Growth Corporation offices will be closed on Monday, March 16, 2026 for the remaining part of the day. Our office will re-open Tuesday, March 17, 2026 at 8:30 a.m.

02/26/2026

Congratulations to Rock Island’s newest homeowner! Today, an employee of MidAmerican Energy (DARI-member company) purchased her new home with the support of the Employer Assisted Homebuyer Program, Live-Work RI.
She received $6,500 in down payment and closing cost assistance, helping reduce the biggest financial barriers to purchasing a home. She also completed Economic Growth Corporation’s HUD-Approved homebuyer education, ensuring she is informed, financially prepared, and set up for long-term success.
This milestone represents:
• 479 homebuyers assisted through Live‑Work RI
• 896 homebuyers assisted by GROWTH since 1998

A win for the homeowner, her employer, and the Rock Island community. Learn more about Live-Work RI here: https://www.economicgrowthcorporation.com/live-work-rock-island.html

01/15/2026

Dr. King reminded us of the power of hope when he said, “I have a dream.” Our offices will be closed on Monday, January 19, 2026, as we reflect on his legacy.

We will reopen for normal business hours on Tuesday, January 20.

01/11/2026

Sharing information from the City of Moline Government providing opportunities for those seeking rehabilitation or accessibility assistance for their owner-occupied homes.

Economic Growth Corporation no longer administers programs like this, but we share this information in hopes people who are seeking this assistance in the communities served through this program reach to the City of Moline Government for details on this program.

While this program can’t serve all that are in need of assistance, putting your name an inquiry list is the best, first step.

🏠 Coming Soon: Tri-Cities Housing Lottery

The Cities of Moline, East Moline, and Silvis are launching the Tri-Cities Housing Lottery to help eligible homeowners cover critical repairs for health, safety, and accessibility (not cosmetic upgrades).

$1.2 million is available through Illinois Housing Development Authority.

🔷 Lottery Entry: Monday, January 12, 2026 | 9 a.m. - 5 p.m.
🔷 Public Drawing: Thursday, January 15, 2026 | 4 p.m.

25 households will be randomly selected to form a working waitlist. Being selected does not guarantee funding. Eligibility, inspections, and final approval are required.

👉 Learn more and get ready to enter: https://moline.il.us/1957/Tri-Cities-Housing-Lottery

12/31/2025

Wishing you a Happy New Year! We are deeply grateful for the impact made this year. There is still much work ahead, and we look forward to starting 2026 strong.

Thank you to our Board of Directors, communities, clients, and staff for all we’ve accomplished together.

Our offices are closed tomorrow, Thursday, January 1, 2026, and will reopen on Friday, January 2, 2026.

12/18/2025

We wish everyone a Happy Holidays and Happy New Year!

Please note our office hours below. Some team members will be taking time off during this period, so staffing may be limited. We’ll do our best to remain responsive while also taking time to enjoy the season with family and loved ones.