PETERSBURG – Indiana Governor Mike Braun continues to take action to build more affordable housing options for Hoosiers across the state through the Indiana Regional Economic Acceleration and Development Initiative (READI). Today, another housing project is underway after the Indiana First region broke ground on Prides Creek Apartments, which will create more than 60 new apartments in Pike County.
“Affordability is my top priority, and building more housing is one of the most important ways we can make life more affordable for Hoosier families,” said Gov. Braun. “Through READI 2.0 investments, we’re breaking ground on new housing statewide, building single-family homes, townhomes, apartments, and condos that will make it easier for Hoosiers to make ends meet.”
Prides Creek Apartments is an $8.2 million development (including a $1.475 million READI 2.0 award) that will deliver new housing to Pike County, addressing a critical need in Petersburg and the surrounding area. The 64-unit multifamily development will be located on Buchta Drive off Illinois Street next to the Pike County Little League Park, creating a mix of one- and two-bedroom market-rate apartments across four buildings. The project will be annexed into Petersburg city limits, supporting increased tax revenue in the community as well as workforce retention and attraction efforts.
“I am very excited about today’s groundbreaking in Petersburg. This project is a perfect example of how the READI 2.0 program is working in the state of Indiana, with the combination of private and public funding making projects like Prides Creek Apartments possible,” said Petersburg Mayor R.C. Klipsch. “The recent demand for affordable housing in our community continues to grow, and this project will help meet that demand as we look forward to continued growth in Pike County.”
Indiana’s READI program is a $1.25 billion investment in regional-led strategies designed to strengthen communities, retain and attract top talent, and increase opportunities for Hoosiers for years to come. Each dollar of the state’s $1 billion investment and the $250 million grant from Lilly Endowment Inc. is expected to generate at least $4 in additional public, private, and nonprofit leverage, yielding a transformational commitment to the future of Hoosiers and Indiana communities.
“Through READI, regions like Indiana First are working together like never before to identify and address strategies like affordable housing that will support their long-term growth,” said Indiana Secretary of Commerce Chuck Goodrich. “Today is a tremendous step forward for Petersburg, Pike County and the Indiana First region as they celebrate the start of a multimillion-dollar development that will increase housing availability for current and future Hoosiers.”
Pike County is part of the Indiana First READI region – led by the Southwest Indiana Development Council – that was awarded $30 million in READI 1.0 and READI 2.0 matching funds to support quality of life, quality of place, and quality of opportunity projects. The region’s READI investments are designed to remove barriers to and encourage development by investing in infrastructure and increasing the availability of shovel-ready sites; future-proof regional workforce and create opportunities for upskilling; diversify the region’s economy and foster innovation, entrepreneurship, and business attraction and retention; increase housing options; and provide amenities and services that support population growth and diversification.
Learn more at IndianaREADI.com.
