State awards $51M to support housing infrastructure
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Goshen, Clarksville, Indianapolis and eight other communities will receive a total of $51 million in low-interest loans to finance infrastructure projects that support residential housing development.
The 11 communities reflect the first round of recipients from the Indiana Residential Infrastructure Fund, a General Assembly initiative created last year to develop housing in areas to meet local job growth, according to the Indiana Builders Association.
The legislation requires the Indiana Finance Authority to prioritize loan applications from communities with housing-friendly zoning and direct 70% of the funding to communities with a population of less than 50,000.
“This program will increase housing supply in growing communities that sorely need it,” Indiana Builders Association CEO Rick Wajda said in a news release. “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.”
The following are the recipients, the projects and the amount received:
- Goshen, Cherry Creek, $11 million
- Clarksville, The George, $8 million
- Auburn, Westside Apartments, $5.5 million
- Indianapolis, Augusta Heights, $5 million
- Michigan City, Lake Shore Village, $4.6 million
- Fort Wayne, Wells St Wedge, $4 million
- Vincennes, Bierhaus Flats, $3.1 million
- Ossian, Fawn Meadows, $2.5 million
- Gas City, Farmington Trace, $2.5 million
- Gas City, Gas City Apartments, $2 million
- Jamestown, Burlington Villas, $1.1 million
- Churubusco, Turtle Meadows, $1.1 million
- Clarksville, Allens Place, $600,000