Homes for the Future

Program Overview

The Homes for the Future Program is a pilot initiative for homebuilders and developers to incentivize them to build new, age-friendly homes in West Central Indiana. Thrive has been granted 1.8 million dollars from the Wabash River Regional Development Authority to invest in long-term sustainable housing for West Central Indiana. After a request for funding proposal process, chosen homebuilders/developers could receive up to ten percent of the building cost to cover eligible infrastructure expenditures upon the completion of each home built. This program emphasizes a focus on developers and homebuilders creating homes at market rate to meet the needs of an ever-growing workforce and population in West Central Indiana. The goal of this funding is to kickstart the development of quality, age-friendly homes throughout our region. Applicants are encouraged to access Thrive West Central’s resources (study and analyses) to learn more about the housing needs within eligible areas.

Eligibility Criteria

Applicants must have a demonstrated experience of five years or longer in the development of housing units and have the capacity to build a minimum of ten (10) housing units on or before October 1, 2025. For-profit, cooperatives, public entities, and non-profit organizations are eligible to apply. Applicants must be in good standing with local, state, and federal units of government and demonstrate a good financial history as well as current and future financial capacity

Process

Request for funding proposal (RFP): Thrive has created an RFP process that is publicly solicited and advertised for any parties interested in home development throughout Clay, Parke, Sullivan, Vermillion, and Vigo Counties. Interested applicants are required to complete an application and provide the submission documentation.

Submission Documents

  • 1. Application: Complete the general application.
  • 2. Summary description of the project: Tell the selection committee what you are proposing to build.
  • 3. Map or geographic location of the project in relation to the community.
  • 4. Design Plans: Detailed architectural and design plans. Provide a short narrative to give a better understanding of how the age-friendly aspects will be incorporated into the home designs.
  • 5. Financial Projections: Provide detailed cost estimations of the project and appraisal estimates. A return on investment analysis is also encouraged if one can be provided to help assess the project’s financial viability. This is particularly important if the proposed project’s scale is larger and involves more complex budget considerations.
  • 6. Project timeline: Provide a detailed project timeline. If building multiple units, please break down the timeline to capture each unit. All construction must be completed by September 1, 2025, in order to allow for closeout and reimbursement. Any projects that do not adhere to this deadline may forfeit the award for reimbursement.
  • 7. Community Impact Report: What kind of impact will this project have on the community? How will the project positively influence the local community, such as job creation during and after construction, population attraction/retention, improving neighborhood aesthetics, or enhancing local infrastructure, etc.?
  • 8. Risk Assessment: Outline the potential challenges or risks, and corresponding mitigation strategies.
  • 9.Developer’s Experience Portfolio: Provide a portfolio detailing past projects of a similar nature to demonstrate your track record, experience, and reliability.
  • 10. Environmental: What environmental impacts do you foresee as a result of the project?
  • 11. Certifications and Licenses: Proof of relevant certifications and licenses.
  • 12. Pending litigation: Is there any pending litigation against you, your company, or companies that you own or operate?
  • 13. Financial capacity: Provide a letter from a financial institution that outlines your financial capacity to complete the proposal.
  • 14. Maintenance Plans: For rental projects and subdivisions, a proposal of how the properties will be maintained over time would show forethought into the longevity of the project and its continued benefit to residents.
  • 15. Local Zoning: Does this project have local zoning or planning commission approval? If so, please provide an approval letter.

Scoring and Evaluation

RFP rounds will be issued on a periodic basis based on available funding. The selection committee will score, and award proposals based on a scoring rubric. The categories for scoring are:

• Proposal details and thoroughness of the plan

• Housing type is in alignment with ZVA regional or local market potential analysis needs

• Scale/quantity of developed units/impact on the environment

• Quality of build, impact on the community, and consideration of age-friendly housing

• Overall competitiveness of the proposal

Scoring and Evaluation

RFP rounds will be issued on a periodic basis based on available funding. The selection committee will score, and award proposals based on a scoring rubric. The categories for scoring are:

• Proposal details and thoroughness of the plan

• Housing type is in alignment with ZVA regional or local market potential analysis needs

• Scale/quantity of developed units/impact on the environment

• Quality of build, impact on the community, and consideration of age-friendly housing

• Overall competitiveness of the proposal

Eligible Project Types

Due to the nature of the grant requirements from the federal government, builders must show expenses for infrastructure-related expenses (roads, driveways, sidewalks, water, sanitary sewer, tap fees, broadband, etc.) in the construction or redevelopment of homes. Payment will go directly to the homebuilder/developer A maximum of $245,000 in any one infrastructure type (drinking water pipe, concrete, etc.) is preferred due to federal regulations. Once a request for payment is submitted to the State for reimbursement, typical payment terms are 30 – 90 days.

Eligible projects must be located within Clay, Parke, Sullivan, Vermillion, and Vigo counties.

Requirements

Awardees will be required to have a minimum of two bids for every expense, along with a written narrative for selection considerations. Upon completion of work (infrastructure), photographic evidence of completion is required. All records will be required for submission prior to reimbursement. Thrive West Central will retain all records for five (5) years.

Timeline

Thrive West Central is operating on a timeline for all grant funding to be allocated to developer/builder projects on or before October 2023. With the completion of any projects on or before September 1, 2025.

Payment Structure

Awardees will be issued payment in one lump sum after the completion of the project in its entirety and after the project has been approved by Thrive, IEDC, and the State grant administrator.

Post-Completion Expectations

Post-completion expectations are that builders/developers offer a one-year warranty on all units to encourage quality developments.

Support and Assistance

Each applicant is encouraged to participate in a pre-application meeting to assist with application development. Thrive will provide technical assistance during the application process. Thrive, and their project partners will provide technical assistance during the project development, implementation, and closeout.

Penalties or Consequences for Non-Compliance

Developers/builders are required to submit a timeline for the completion of any projects and adhere to, within reason, any agreed-upon timeline for development. Periodic updates and communication will be an essential part of any award. Developers who fall behind in their construction timelines may see all or a partially awarded funds reallocated to other applicants or awardees.

If the final project does not meet the approved criteria specified in the proposal, awardees may see a penalty resulting in reduction of their award.

Environmental and Sustainability Considerations

Thrive encourages the use and development of units that use and adhere to best practices in environmental and sustainability practices; however, it is not a requirement.

Feedback and Reapplication

If an application is not successful, feedback will be provided. Applicants are allowed to reapply if there are subsequent RFP rounds and improvements are made to their application proposal.

FAQ

Do I have to follow federal procurement requirements all parts of the build or just the portions where the funding is going to?

Only the portion the funding is going to needs to follow federal procurement requirements.

There will be informational forms to complete initially. For disbursement, homebuilders/developers will need to submit invoice(s), proof of completion, and proof of procurement.

Yes, as long as procurement requirements are followed. For example, if you do the concrete work and it costs over $10,000, you will need to get a quote from at least one other vendor.

Projects completed after March 3, 2021 are technically eligible for this program. However, may not be competitive as this program is focused on new housing units that are created between July 1, 2023 and September 1, 2025.

Still checking on this answer.

All distributions of funds within this program will go directly to the homebuilders.

Homebuilders will be required to submit documentation to Thrive to receive funding. Thrive will keep that documentation for 5 years. Aside from that, there is no further documentation from the homebuilders.

No, this is not required.

Timeline

  • Release RFP – 6/26

  • Pre-Application Workshop – 7/11

  • RFP Responses Due by COB – 7/24

  • Awards Announced – 9/1
    Pre-Contract Meetings – 9/4 – 9/22

  • Contracts Executed – 10/1

Promised Growth.

Dedicated Quality of Life.

Dedicated Care.