City officials hope the completion of three new homes in Rock Island will encourage more construction. This afternoon, a ribbon cutting was held at the Villas at College Hill, across 30th Street from Augustana College.
Brian Hollenback, president of the Rock Island Economic Growth Corporation, says his group and the city bought three lots that were in foreclosure. And they hope this success will encourage the private sector to take over.
Joining the local officials today was Illinois Attorney General Lisa Madigan. Hollenback says that's because much of the money for the project came from Illinois' share of a national lawsuit settlement between Madigan and other attorneys-general, and five national lenders.
It began as the College Hill subdivision, but went into foreclosure during the recession. The rest of the lots are still owned by Northwest Bank and Trust.