Aug. 28—Thrive West Central on Monday announced it has made $952,500 in READI Grant awards that will help leverage $25.7 million in private sector housing development.
This is part of Thrive's Homes for the Future program, the goal of which is to stimulate the production of quality, age-friendly homes throughout West Central Indiana.
This the first round of the project, and seven projects were submitted. The awards totaling $952,500 will help develop 130 new housing units throughout the West Central region by October 2025, according to a news release from Thrive.
The awards were:
* Southard Homes LLC for The Southard Homes, Terre Haute, $97,500. This project will develop 15 single-family homes retailing for around $140,000 each.
* Southard Homes LLC for Terre Vista project, $120,000. This project features the creation of ten larger, single-family homes retailing between $370,000 and $400,000 each.
* Southard Homes LCC for Southard Acres West project, $245,000. This is to build 17 single-family, detached-garage homes. These will retail for around $225,000.
* Emmert Group Properties for The Windbreaker Flats project, $245,000. This project will develop 48 one- and two-bedroom apartments representing a $3.82-million-dollar investment in Clay County.
* New Directions Housing Corporation for The River Valley Apartments project, $245,000. This project will bring 40 modern, age-friendly apartments to Terre Haute. This project is geared toward seniors and is located near Union Hospital. This project represents a $12.3-million-dollar investment in the community.
"Homes for the Future is the catalyst for an exciting new era of home development in our region," says Ryan Keller, executive director for Thrive. "Each of these projects captures a much-needed segment of the market, and we envision a future where sustainable, age-friendly homes are the norm — providing an environment where our communities can thrive for decades to come."
Thrive will open the next round of the READI Homes for the Future funding on Sept. 1. A closing date is tentatively set for Oct. 11.
Potential applicants can visit Thive's resource library to view housing studies, market research and more on the Homes for the Future Program at www.thrivewestcentral.com/housing-hub.
The READI program is part of a $500 million state effort that uses federal COVID-19 relief funds and is overseen by the Indiana Economic Development Corp.
The Wabash Valley RDA, which covers Vigo, Clay, Parke, Sullivan, Vermillion and Knox counties, was awarded $20 million in READI funding in December 2021.
The RDA in June 2022 announced it would divide that $20 million in READI grant funding among 23 projects in the Wabash Valley. All projects have until the end of 2024 to have money committed, with all READI funds to be spent by the end of 2026.
The Wabash River RDA's proposal was submitted under a regional umbrella made up of the Wabash River RDA, Thrive West Central, and West Central 2025.