State awards more than $31M in low-interest loans to 12 communities for housing infrastructure in second funding round

INDIANAPOLIS (March 3, 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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ABOUT IBA: The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana’s home building, remodeling, and light commercial construction industry. Established in 1952, IBA has 20 local affiliates across Indiana and is associated with the National Association of Home Builders in Washington, D.C. IBA educates and advocates for the construction industry to positively impact legislative, regulatory, and legal issues that affect housing affordability. More information can be found at www.buildindiana.org.