News Release

INDIANAPOLIS — The Indiana Finance Authority unveiled the recipients of the loans from the first round of the Residential Infrastructure Fund, including Turtle Meadows, Churubusco and Cherry Creek, Goshen.

Communities were selected based on the need for additional housing inventory to accommodate local job growth. The recipients included:

• Cherry Creek, Goshen, Elkhart County receives $11,000,000.
• Turtle Meadows, Churubusco, Whitley County receives $1,100,000,

A total of 11 Indiana communities were approved to receive $51 million in loans to finance infrastructure projects that support residential housing development.

In 2023, the Indiana General Assembly established the Residential Infrastructure Fund program and revolving fund, with a $75M allocation in the state budget over the biennium, to offer low-interest loans to communities to reduce the cost for infrastructure projects related to the development of residential housing in communities that demonstrate need for additional housing inventory based on local job growth. The legislation requires the IFA to prioritize 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 program will increase housing supply in growing communities that sorely need it,” said Rick Wajda, IBA’s CEO. “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.”

More details regarding the RIF can be found here.