Belle Augusta Section 5 In Warsaw Receives RIF Funds
March 4, 2025 at 5:42 p.m.
INDIANAPOLIS – The Indiana Finance Authority (IFA) unveiled the recipients of the loans from the second round of the Residential Infrastructure Fund (RIF) on Tuesday.
Twelve Indiana communities were approved to receive over $31 million in loans to finance infrastructure projects that support residential housing development.
Communities were selected based on the need for additional housing inventory to accommodate local job growth.
Locally, Belle Augusta section 5 in Warsaw received $1,055,000. On Monday, the Warsaw Redevelopment Commission approved an engagement letter with Baker Tilly for the financing for the RIF loan. Phase five includes 41 lots in the housing development on North CR 2250E. The homes on the 90 lots will range in price from about $250,000 to $280,000, Warsaw Community and Economic Development Director Jeremy Skinner told the commission.
In 2023, the Indiana General Assembly established the RIF and revolving fund, with a $75M allocation in the state budget over the biennium. In the first round of the program, 11 Indiana communities were approved to receive $51 million in loans. The IFA prioritizes 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 second round of funding will help increase housing supply in growing communities that need it,” said Rick Wajda, IBA’s CEO. ”By addressing the housing shortage, more families will have access to affordable homes, which will support sustainable community growth.”
More details regarding the RIF can be found at https://www.in.gov/ifa/residential-housing-infrastructure-assistance-program/ and by contacting Sherry Seiwert, RIF program director, at 317-653-5194 or at [email protected].
The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana’s home building, remodeling, and light commercial construction industry. Established in 1952, IBA has 20 local affiliates across Indiana and is associated with the National Association of Home Builders in Washington, D.C. IBA educates and advocates for the construction industry to positively impact legislative, regulatory, and legal issues that affect housing affordability. More information can be found at www.buildindiana.org.
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INDIANAPOLIS – The Indiana Finance Authority (IFA) unveiled the recipients of the loans from the second round of the Residential Infrastructure Fund (RIF) on Tuesday.
Twelve Indiana communities were approved to receive over $31 million in loans to finance infrastructure projects that support residential housing development.
Communities were selected based on the need for additional housing inventory to accommodate local job growth.
Locally, Belle Augusta section 5 in Warsaw received $1,055,000. On Monday, the Warsaw Redevelopment Commission approved an engagement letter with Baker Tilly for the financing for the RIF loan. Phase five includes 41 lots in the housing development on North CR 2250E. The homes on the 90 lots will range in price from about $250,000 to $280,000, Warsaw Community and Economic Development Director Jeremy Skinner told the commission.
In 2023, the Indiana General Assembly established the RIF and revolving fund, with a $75M allocation in the state budget over the biennium. In the first round of the program, 11 Indiana communities were approved to receive $51 million in loans. The IFA prioritizes 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 second round of funding will help increase housing supply in growing communities that need it,” said Rick Wajda, IBA’s CEO. ”By addressing the housing shortage, more families will have access to affordable homes, which will support sustainable community growth.”
More details regarding the RIF can be found at https://www.in.gov/ifa/residential-housing-infrastructure-assistance-program/ and by contacting Sherry Seiwert, RIF program director, at 317-653-5194 or at [email protected].
The Indiana Builders Association (IBA) is a statewide trade organization representing Indiana’s home building, remodeling, and light commercial construction industry. Established in 1952, IBA has 20 local affiliates across Indiana and is associated with the National Association of Home Builders in Washington, D.C. IBA educates and advocates for the construction industry to positively impact legislative, regulatory, and legal issues that affect housing affordability. More information can be found at www.buildindiana.org.