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.”