Substantial progress has been made on the READI 2.0 initiative. At the local level, 77% of the available funding—approximately $9 million—has yet to be obligated. To date, 21 projects have been committed under READI 2.0, in comparison to 21 total for READI 1.0. However, despite this momentum, no final approvals have yet been issued by the Indiana Economic Development Corporation (IEDC), and consequently, no sub-agreements have been formalized. We appreciate the speed and attention the IEDC has provided as the program revs back up.
The region’s funding landscape has seen notable expansion. READI 2.0 has contributed $45 million, with $42.5 million earmarked for obligation. An additional $9 million is being recirculated from loan awards, and the LEI (Lilly Endowment Initiative) project for Wabash County brings in another $3.1 million. Furthermore, a new LEI Program could potentially add up to $7.5 million. Altogether, these contributions total $53.1 million in new money for regional investment.
One of the standout proposals introduced was a forward-thinking housing initiative aimed at addressing affordability and stimulating economic growth. Titled “Pre-Purchasing Homes for Local Governments,” the plan is designed to help local governments facilitate affordable homeownership. The proposal is funded through READI, and the final investment is being worked on with Lilly Endowment Initiative, with a requested total investment of $7.5 million. The projected return on investment is significant: $1.5 million in profit, translating to a 20% return over ten years.
The implementation plan for this initiative includes acquiring 30 homes in targeted areas. The original purchase price of $7.5 million has already been negotiated down to $6.75 million. Payment will be distributed across phases: $1.35 million upfront, $3.375 million based on project milestones, and the final $2.025 million upon delivery. The operational side of the project will be handled by Club 720, an organization tasked with buyer intake, marketing, and tracking to ensure project success.
For further inquiries regarding this initiative or the RDA’s ongoing work in infill housing, reach out to jacob@neindiana.com. Stakeholders are encouraged to contact Ryan Twiss (ryan@missionbuild.co) or Madison Morrison (madison@yourhousingresource.org).
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