IFA: Residential Housing Infrastructure Assistance Program (RIF)

About RIF

House The Residential Housing Infrastructure Assistance Program (RIF) provides low interest loans to Indiana Communities to finance infrastructure projects that support residential housing development. As the loans are repaid, the money again becomes available for future financings so that the fund revolves. Our mission is to address the need for additional housing inventory for Indiana Communities based on local job growth. The uses of the fund are required to be in compliance with IC 5-1.2-15.5 (ACT).

RIF Process

FLow Chart

Application

Residential Housing Infrastructure Assistance Program Application

Applications for round two will be made available on 10/15/2024 and will be due by 12/13/2024. Please review the RIF guidelines, and Source of Security and Repayment Terms before applying.

Residential Infrastructure Fund Projects (State Funded)

RIF FUNDING AWARDS
*2024 Round 2 Funding - October 15th - December 13th*
Applicant	Project Name	County	Amount
South Bend	Dewry's Revitalization Project	St. Joseph	$ 2,570,000
Bloomington	Retreat at the Switchyard	Monroe	$ 2,000,000
Lafayette	Vita Lifestyle	Tippecanoe	$ 3,295,000
Terre Haute	Brickyard Estates and Paddock at the Park	Vigo	$ 5,500,000
Jasper	Northridge Estates	Dubois	$ 2,360,000
New Albany	Budd Road	Floyd	$ 1,000,000
New Albany	Fox Run Commons	Floyd	$ 2,500,000
Warsaw	Belle Augusta Section 5	Kosciusko	$ 1,055,000
Marion	Jones Heritage	Grant	$ 2,600,000
Attica	Shepherd's Landing	Fountain	$ 725,000
Richmond	Smith Hill Housing Development	Wayne	$ 4,330,000
Henry County	Sam Hall Estates	Henry	$ 1,557,000
Scottsburg	Maple Run	Scott	$ 1,875,000

RIF Project Locations by County

Indiana Map

Program Information

Frequently Asked Questions

Q. Can the Residential Infrastructure Fund pay for professional services related to the housing project?
Q. Once a Residential Infrastructure Fund loan is approved and closed, how soon is the 1st payment due?

A. The first interest payment would be due the following February 1 or August 1 after loan closing and every 6 months after that date and the first principal payment would be due on February 1, two years after loan closing and every 12 months thereafter. Creating annual principal payments every February 1 and interest payments every 6 months.
Q. Is the loan repayment schedule the same for every application who received funding?
Q. Can a political subdivision apply for a loan greater than the cost of the project to begin making payments on the loan?

A. This would be considered capitalizing interest and that is a decision we will need to evaluate. The more of these limited funds awarded for capitalized interest (cap i), the less available for construction and the slower the fund will revolve. We may allow it to be requested by a community, however the project would not rank as well as a project that does not need cap i.
Q. How long will it take to access RIF funds if selected?

Contact Us

Sherry Seiwert
Program Director
317-653-5194
SSeiwert1@ifa.IN.gov

Kary Long IV
Finance Manager
317-233-7307
karylong@ifa.in.gov

Program Mailing Address:
100 North Senate Avenue, Rm. 1275
Indianapolis, IN 46204
317-234-1338 (fax)
ifaresidential@ifa.in.gov