READI 2.0

Homes for the Future Program

In partnership with the Wabash River Regional Development Authority (RDA) and the Indiana Economic Development Corporation (IEDC), Thrive West Central is thrilled to offer regional housing funding through READI 2.0. Thrive has been awarded approximately $1.65 million. Thrive will be seeking applications from builders and developers to grant or loan out these funds in 2026.

Details

  • All applications will be evaluated by an independent scoring committee
  • Projects must be completed by September 1, 2028. The State deadline is September 30, 2028 and we will need time to close out any projects prior to the expiration date.
  • Max award is $245,000
  • This funding will reimburse qualified infrastructure expenditures only
  • Incomplete applications will not be scored and will be returned to the applicant. Incomplete applications will be assessed as missing key or critical information about the project.
  • There will be a grant administration/management fee assessed for each project/grant based on the project size, complexity, and duration.
  • There will be a grant administration/management fee assessed for each project/grant based on the project size, complexity, and duration.
  • A proforma is not required but is preferred in order to assess the project. Applications without a proforma will need to address financial viability of the project by other means.
  • We will be looking for projects that are to scale (quantity) but will also consider smaller projects that have high visibility and community impact
  • IEDC reserves the right to have final approval, suggest changes/modifications to any project during the application process.
  • Applications are on a rolling basis and due the 12th of each month.

Criteria

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..

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 September 2028. 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.

Eligible Project Types

Eligible projects must be independent living units targeting the workforce population. Due to the nature of the grant requirements from the federal government, builders must show expenses for infrastructure-related expenses in the development of housing units. Eligible infrastructure includes public infrastructure such as sidewalks, water, sewer, stormwater drainage, driveway and road installation, broadband, and water and sewage tap fees. Because of this, any work on the project site must not be started prior to the execution of the award contract.

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 as quickly as possible. Awards with Readi funding are to be completed on or before September 2028.

Support & Information

Support and Assistance Info

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.

Post-Completion Expectations

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

Penalties 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.

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.

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

Process

Submission documents

  • 1
    Summary description of the project: Submit a written description of the proposed development, including an explanation of age-friendly aspects that will be incorporated into the home designs.
  • 2
    Map or geographic location of the project: Present a map showing the location of the development to the community.
  • 3
    Design Plans:  Provide detailed architectural or engineering design plans for the overall development and the housing units.
  • 4
    Financial Projections:  Present detailed cost estimations of the project and appraisal estimates.
  • 5
    Project Timeline:  Submit a detailed project timeline. All construction must be completed by funding source deadline.
  • 6
    Community Impact Report: Describe any impact this project may have on the community, including job creation during and after construction, population attraction/retention, improving neighborhood aesthetics, or enhancing local infrastructure.
  • 7
    Risk Assessment:  Outline the potential safety, schedule, financial risks, and corresponding mitigation strategies.
  • 8
    Developer’s Experience Portfolio:  Provide a portfolio of past projects to demonstrate your track record, experience, and reliability.
  • 9
    Environmental: Provide a narrative of the project’s environmental impacts.
  • 10
    Certifications and Licenses:  Identify and submit proof of relevant certifications and licenses for the designer, construction, and future property management.
  • 11
    Financial Capacity:  Provide a financial institution letter outlining your financial capacity to complete the proposal.
  • 12
    Pending Litigation:  Do you, your company, or companies you own or operate have any pending litigation that could impact the development?
  • 13
    Local Zoning:  Does this project need local zoning or planning commission approval?
  • 14
    Maintenance Plans:  For rental projects, do you have a comprehensive, long-term maintenance plan in place?

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

Environment and Sustainability Considerations

  • Online, rolling application and awards
  • Thrive West Central Housing Hub team will serve as technical advisors for application development
  • Thrive uses an independent scoring committee made up of industry professionals from around the State.

Timeline

Thrive West Central is operating on a timeline for all grant funding to be allocated to developer/builder projects as quickly as possible. Awards with Readi funding are to be completed on or before deadline.

We have rolling RFPs (applications) that start and end every 4 to 6 weeks.   We have a rolling RFP that closes on the 12th of each month.  Applications are reviewed at the end of every month and awards are made following.