State awards over $50 million in low interest loans to 11 communities to provide infrastructure in support of housing

24 Jun State awards over $50 million in low interest loans to 11 communities to provide infrastructure in support of housing

INDIANAPOLIS (June 24, 2024) – 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.”

More details regarding the RIF can be found here.