The City of Austin recently closed on a $1.19 million Residential Infrastructure Fund (RIF) loan to develop Yorkwood Crossing. This project will develop 119 single-family homes, 60 triplex units and 72 apartments on Austin’s southwest side. The first phase will consist of 54 single-family homes.
The Austin project was one of six to receive 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 of the Indiana Finance Authority.
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 that demonstrate the need for additional housing inventory based on local job growth.
“Through the RIF program, these communities will 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.
In addition to the Austin project in Scott County, the cities and towns of Arcadia (Hamilton County), Attica (Fountain County), Elkhart (Elkart County), Ft. Wayne (Allen County), and Terre Haute (Vigo County) also closed on low interest loans.
The Indiana Finance Authority oversees State-related debt issuance and provides efficient and effective financing solutions to facilitate state, local government and business investment in Indiana. The IFA also manages the Wastewater and Drinking Water State Revolving Fund Loan Programs and the Indiana Brownfields Program.
