04 Mar State awards more than $31M in low-interest loans to 12 communities for housing infrastructure in second funding round
INDIANAPOLIS (March 4, 2025) – The Indiana Finance Authority (IFA) unveiled the recipients of the loans from the second round of the Residential Infrastructure Fund (RIF). 12 Indiana communities were approved to receive over $31 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 | Project Name | County | Amount |
| South Bend | Dewry’s Revitalization Project | St. Joseph | $ 2,570,000 |
| Bloomington | Retreat at the Switchyard | Monroe | $ 2,000,000 |
| Lafayette | Vita Lifestyle | Tippecanoe | $ 3,295,000 |
| Terre Haute | Brickyard Estates and Paddock at the Park | Vigo | $ 5,500,000 |
| Jasper | Northridge Estates | Dubois | $ 2,360,000 |
| New Albany | Budd Road | Floyd | $ 1,000,000 |
| New Albany | Fox Run Commons | Floyd | $ 2,500,000 |
| Warsaw | Belle Augusta Section 5 | Kosciusko | $ 1,055,000 |
| Marion | Jones Heritage | Grant | $ 2,600,000 |
| Attica | Shepherd’s Landing | Fountain | $ 725,000 |
| Richmond | Smith Hill Housing Development | Wayne | $ 4,330,000 |
| Henry County | Sam Hall Estates | Henry | $ 1,557,000 |
| Scottsburg | Maple Run | Scott | $ 1,875,000 |
In 2023, the Indiana General Assembly established the RIF and revolving fund, with a $75M allocation in the state budget over the biennium. In the first round of the program, 11 Indiana communities were approved to receive $51 million in loans. The IFA prioritizes 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 second round of funding will help increase housing supply in growing communities that need it,” said Rick Wajda, IBA’s CEO.” By addressing the housing shortage, more families will have access to affordable homes, which will support sustainable community growth.”
More details regarding the RIF can be found here and by contacting Sherry Seiwert, RIF Program Director, at (317) 653-5194 or at sseiwert1@ifa.in.gov.
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