Applications Being Accepted for Housing Program in Indiana
STATEWIDE–The Indiana Finance Authority says they are now accepting applications for the Residential Housing Infrastructure Assistance Program. It’s a low interest loan available for communities to fund projects that support residential housing development.
State Representative Doug Miller of Elkhart wrote legislation that both created and expanded this program. He says this program has added more than 3,000 housing units in the first two rounds of funding.
“Indiana communities continue to grow and we need to make sure we have the housing available to meet demand. Expanding housing access will alleviate pressure in the market and help more Hoosiers become homeowners. Over the past two years, this program has seen tremendous success, helping communities invest in housing to support Hoosier families. By streamlining the sluggish permitting process, we can speed up housing development and reduce costs for Hoosiers,” said Miller.
The new state budget passed this year appropriated $50 million to the Residential Housing Infrastructure Loan Program over the next two years. Miller says this will continue efforts to meet the high demand for housing by lowering costs and reducing barriers that can impede housing projects.
State Representative David Abbott of Rome City says municipal governments can apply for loans for certain infrastructure projects like electric or gas distribution lines.
“Affordable home ownership has always been the American Dream. It must be available to more Hoosiers. With newly increased housing options, communities can attract and retain residents, thereby increasing their workforce that will help to support the local economies,” said Abbott.
The Indiana Finance Authority’s website has more information.
