The Wabash River Regional Development Authority has been awarded $5 million in Lilly Endowment funding that will be used to redevelop blighted properties.
The Indiana Economic Development Corp. has approved the $5 million, which will be used by Thrive West Central to redevelop properties that are blighted, brownfield or require significant deferred maintenance.
Funding would be awarded to developers on a reimbursement basis to address infrastructure, said Ryan Keller, Thrive West Central chief executive officer. The funds would primarily involve revolving, low interest loans.
He addressed the RDA board during a meeting Friday at the Hub.
Additional details will be available next week, Keller said.
“All of this funding is used to help builders de-risk their projects,” he said. It enables them “to build quality housing at prices that work with our market and what our regional incomes look like.”
The projects can involve commercial structures but must include a housing component, he said. An example would be a downtown building that needs significant rehabilitation; it could be commercial on the ground floor, with apartments on an upper level. “If we could bring those back to life in our small communities, I think it would be terrific,” he said.
There will be a lot of flexibility, Keller said. “It will be wonderful to see people’s creativity come out with their entrepreneurialism.”
He anticipated applications will be available within the next 10 days. Before projects are reimbursed, they must be documented and they are subject to state review. There are many checks and balances, Keller said.
He noted that the RDA also will be able to apply for up to an additional $3 million for a one-time catalyst project.
THRIVE also has about $1.6 million in READI 2.0 funding to be used toward housing projects; there is no requirement of blight for that funding, Keller said. That program will be launched the same time as the Lilly funding.
During the meeting, Rachel Leslie, chief executive officer of RJL Solutions, said the RDA has been awarded just over $35 million in total to date through Readi 1.0, Readi 2.0 and the $5 million from the Lilly Endowment.
“I wanted to acknowledge that,” she said. “The $35 million has been put to great work and I think we continue to celebrate the success that this board has had.”
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