Developers Meeting New Funding

Awards are pending. The information in this presentation is provided in anticipation of final awards and is not guaranteed. There are many moving parts, and all information presented is subject to change.

Thrive will soon open applications for two major funding programs that support housing development across the Wabash River Regional Development Authority region.

While final contracts with the State of Indiana are still being completed, all funds have already been approved at the state level, and Thrive is preparing to begin accepting applications in the coming weeks.

READI 2.0 is primarily an infrastructure focused housing program that helps cover costs that make housing projects possible, such as roads, utilities, and site preparation.

Key highlights include:

• Most awards will be grants, with low interest loans available if a project prefers that structure
• Projects are reviewed and scored by an independent, non local committee to ensure fairness
• A project pro forma is required so Thrive and reviewers can understand costs, pricing, and feasibility
• Projects must meet standard matching requirements, which are typically already satisfied through private construction investment and local government infrastructure support

Applications will be reviewed monthly on a rolling basis, allowing projects to move forward quickly once funding is officially live.

This program is funded through the Lilly Endowment and focuses on revitalizing properties and neighborhoods across the region.

• $5 million for housing projects across the RDA counties
• An additional opportunity for up to $3 million for one large catalyst housing project

Eligible projects must meet at least one of the following criteria:

• A blighted property
• A brownfield
• Or a building with major deferred maintenance

Both new construction and rehabilitation projects are eligible. Funds may be used for property acquisition, demolition if the structure is still standing at the time of contracting, construction or reconstruction, and infrastructure improvements.

Projects that have already been fully cleared and are now considered greenfield sites do not qualify under this program.

Applications are expected to open very soon. Awards will be made monthly.

Thrive’s goal is to fully award all funds by the end of this year. All projects must be completed and documented by September 2028. Extensions may be possible in limited cases, but they must be approved by the state.

In addition to these grant programs, Thrive shared several other tools that can help housing projects succeed.

Vigo County is launching a low interest revolving loan fund for housing projects. These loans are designed to complement private lenders and help close financing gaps. Additional counties are exploring similar programs.

Building homes is only part of the solution—people also need help buying them.

Ryan highlighted Hoosier Homes Plus, a down‑payment assistance program Thrive helps manage through Club 720. The program can provide:

• Up to 5% down payment assistance
• No cost to buyers or realtors
• A 0% interest loan that is forgiven if the home buyer stays in the home for 7 years

If a homeowner stays in the house for 7 years, the DPA is fully forgiven. If they move early, only the remaining balance must be repaid. The program is available to households earning up to 140% of the area’s median income, helping many working families qualify.

Local governments, employers, banks, or community partners can help provide matching funds to expand this program even further.

Thrive also shared insights from previous housing investments. Successful projects tend to match home design and pricing to local market data, communicate clearly and consistently, and stay aligned with approved plans and timelines.

Projects struggle when pricing exceeds what the market can support, designs do not fit the intended buyer, or communication breaks down.

Thrive is focused not only on getting homes built today, but on building a long term housing ecosystem for the region. This includes supporting new and younger builders, exploring workforce and trades training opportunities, and using revolving loans to keep housing dollars working locally for years to come.

If you are considering a housing project, now is the time to start the conversation. Thrive encourages developers, builders, and community partners to reach out early to discuss ideas, eligibility, and next steps.

Together, we can continue investing in strong communities and a stronger housing future for West Central Indiana.