INDIANA – Cities and towns in Allen, Elkhart, Fountain, Hamilton, Scott and Vigo counties have closed on more than $25 million in low-interest loans from the State this year for housing development. The loans are provided through the Indiana Residential Infrastructure Fund.
“Indiana’s economy is growing, and our housing supply needs to grow with it,” said Governor Mike Braun. “These investments will save local communities money while helping them ensure Hoosier families have access to a variety of housing options.”
The RIF loan program was created in 2023 to provide financial assistance to municipalities to finance infrastructure projects that support residential housing development in communities demonstrating the need for additional housing inventory based on local job growth.
“Through the RIF program, these communities will — in aggregate — save more than $6.2 million in principal and interest costs, compared to open-market financing,” said Sherry Seiwert, RIF program director with the Indiana Finance Authority.
Seiwert said the IFA, which manages the RIF program, has closed more than $87 million in loans with housing developments throughout Indiana since 2024 – benefiting 20 communities across Indiana.
The list of loan closings in 2026 benefits cities and towns such as Arcadia, Attica, Austin, Elkhart, Ft. Wayne, and Terre Haute.
Arcadia — $3 million
The Town of Arcadia closed on a $3 million RIF loan to develop the Langdon Crossing workforce housing in Arcadia. The development will include approximately 264 single-family detached homes across 86 acres in four phases.
Attica —$1.7 million
The City of Attica, a rural community with a population of roughly 3,500 residents, closed on $1.7 million in RIF loans to develop Shepherd’s Landing. The first phase of the project will develop 29 single-family housing lots with plans to complete two additional phases, resulting in a total of 87 housing lots when the project is fully completed.
Austin — $1.19 million
The City of Austin closed on a $1.19 million RIF loan to develop Yorkwood Crossing. This project will develop 119 single-family homes, 60 triplex units and 72 apartments. The first phase will consist of 54 single-family homes.
Elkhart — $10 million
The City of Elkhart closed on $10 million in RIF loans for development in the Benham and Woodland Crossing neighborhoods. The Benham neighborhood project is part of the South Main Street gateway, where the city recently cleared two sites for redevelopment. The development project includes a blend of residential units and commercial space that will create over 220 housing units. The Woodland Crossing Neighborhood Opportunity HUB is an adaptive reuse of a blighted mall. This development project will convert a vacant Sears store into a mixed-use neighborhood asset, which will include 140 housing units, a health center, an education/job training center, and retail space. The city will manage the housing development, which the loan covers.
Ft. Wayne — $8.15 million
The City of Fort Wayne closed on $8.15 million in RIF loans to develop The Villages of Arneo. The project will include 182 new single-family lots (including townhomes/condos) and 240 multi-family rental units.
Terre Haute — $1.575 million
The City of Terre Haute closed on a $1.575 million RIF loan to develop Terre Vista Phase III. The development is located along the city’s trail system and will consist of 50 residential housing units.
To learn more about the RIF program, visit IFA: Residential Housing Infrastructure Assistance Program (RIF)
