Press Release, Indiana Builders Association:

The Indiana Finance Authority unveiled the recipients of the loans from the first round of the Residential Infrastructure Fund (RIF). 11 Indiana communities were approved to receive $51 million in loans to finance infrastructure projects that support residential housing development.

Communities were selected based on the need for additional housing inventory to accommodate local job growth. The recipients are included below:


Applicant                          Site Name                                           County                                 Amount

Ft. Wayne                            Wells St Wedge                                 Allen                                      $  4,000,000

Goshen                                Cherry Creek                                      Elkhart                                  $11,000,000

Ossian                                   Fawn Meadows                                Wells                                     $  2,500,000

Auburn                                 Westside Apartments                    Dekalb                                  $  5,500,000

Gas City                                Farmington Trace                             Grant                                    $  2,500,000

Gas City                                Gas City Apartments                       Grant                                    $  2,000,000

Jamestown                         Darlington Villas                                Boone                                   $  1,100,000

Vincennes                           Bierhaus Flats                                    Knox                                      $  3,100,000

Churubusco                        Turtle Meadows                               Whitley                                $  1,100,000

Indianapolis                        Augusta Heights                               Marion                                 $  5,000,000

Clarksville                            The George                                        Clark                                      $  8,000,000

Clarksville                            Allens Place                                        Clark                                      $     600,000

Michigan City                     Lake Shore Village                            LaPorte                                $  4,600,000

In 2023, the Indiana General Assembly established the Residential Infrastructure Fund (RIF) program and revolving fund, with a $75M allocation in the state budget over the biennium, to offer low-interest loans to communities to reduce the cost for infrastructure projects related to the development of residential housing in communities that demonstrate need for additional housing inventory based on local job growth. The legislation requires the IFA to prioritize loan applications from communities with housing-friendly zoning and silos 70% of the funding for those with a population of less than 50,000.

“This program will increase housing supply in growing communities that sorely need it,” said Rick Wajda, IBA’s CEO. “By addressing the critical shortage of housing, more families will be able to find homes within their means, and communities will have a stronger foundation to support growth.”