The village of Round Lake Beach, Illinois, Home Acquisition and Rehabilitation Program was nominated to the 2005 ICMA Annual Awards Program. In order to address the growing problem of vacant properties in Round Lake Beach, village officials partnered with private creditors, realtors, and general contractors to form the economic development department. The village secures a line of credit from a local bank to purchase vacant property, collaborates with local contractors to receive general labor, and upon construction completion, homes are placed on the market to be sold at fair market price. Profits secured through sales of these homes are returned to the fund to finance future projects.