Riverside Square not up for HUD grant

A Geneva man recently ran a public notice in the Northwest Herald saying his company, REO Recovery Solutions LLC, was applying for a Neighborhood Stabilization Program grant for the Riverside Square development.

The competitive grants are part of the Housing and Economic Recovery Act, and are intended to help neighborhoods with high forclosure rates provide affordable housing.

Neither the village or the bank that is in receivership of the property thought the grant was a fit for the development and opted not to partner with Gary Jamison and his company.

Contacted this week, Jamison said he did not apply for the grant, as it needed to be sponsored by a local government or non-profit. For-profit ventures are not allowed to apply.

The public notice was placed only as a legal requirement to apply for the grant. The deadline to apply expired on July 17.