Home / Business and Economy / Indiana Communities Get $5M for Blight Removal
Indiana Communities Get $5M for Blight Removal
11 Apr
Summary
- A $5 million Lilly Endowment grant targets blighted property redevelopment.
- Funds will offer low-interest loans to developers for infrastructure costs.
- Projects must include a housing component alongside commercial structures.
The Wabash River Regional Development Authority has secured $5 million in funding from the Lilly Endowment, designated for the redevelopment of blighted and brownfield properties. Thrive West Central will administer these funds, which will be made available to developers on a reimbursement basis, focusing on infrastructure and addressing significant deferred maintenance.
This initiative aims to de-risk development projects, enabling the construction of quality housing at accessible price points reflective of regional incomes. Projects may incorporate commercial spaces on lower floors with residential units above, fostering community revitalization. Applications are anticipated to be available within the next 10 days, with a robust review process ensuring accountability.
Additionally, the RDA is eligible for up to $3 million for a single catalyst project. Thrive also has $1.6 million in READI 2.0 funding for housing, launching concurrently. To date, the RDA has amassed over $35 million in various funding streams, demonstrating significant progress in regional development efforts.
