Residential Housing Infrastructure Assistance Program (RIF)
About RIF
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
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 1 Funding - January 1st - April 1st | |||
Applicant | Site Name | County | Amount |
Fort Wayne | Wells Street Wedge | Allen | $ 4,000,000 |
Goshen | Cherry Creek | Elkhart | $11,000,000 |
Ossian | Fawn Meadows | Wells | $ 2,500,000 |
Auburn | Westside Apartments | Dekalb | $5,500,000 |
Gas City | Farmington Trace | Grant | $ 2,500,000 |
Gas City | Gas City Apartments | Grant | $2,000,000 |
Jamestown | Darlington Villas | Boone | $ 1,100,000 |
Vincennes | Bierhaus Flats | Knox | $ 3,100,000 |
Churubusco | Turtle Meadows | Whitley | $ 1,100,000 |
Indianapolis | Augusta Heights | Marion | $ 5,000,000 |
Clarksville | The George | Clark | $ 8,000,000 |
Clarksville | Allen Place | Clark | $600,000 |
Michigan City | Lake Shore Village | LaPorte | $ 4,600,000 |
This list will be updated after every round of RIF Funding Awards, and the complete list can be found here.
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?
A. Yes, generally, unless there are circumstances that require the standard repayment timeline to be altered.
- 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?
A. IFA will make awards within 90 days and then it will be dependent upon how quickly the community can go through the financing steps to close the loan.
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