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READI Funds Leveraged to Address Housing Shortage in Southern Indiana
The Indiana Economic Development Corporation joined local and regional officials in Tell City today to break ground on Hoosier Heights, a new single family residential subdivision being supported by matching funds from Indiana’s Regional Economic Acceleration and Development Initiative (READI).
Governor Eric J. Holcomb established the $1.25 billion READI program in 2021, and it has since been nationally recognized for its success. READI 1.0 was established with an initial $500 million in partnership with the Indiana General Assembly and is bringing vibrancy to regions across the state to accelerate shovel-ready projects and programs that will transform Hoosier communities, attract talent and improve quality of life.
“The availability of housing is an essential aspect of quality of place, particularly in our rural Indiana communities,” said Indiana Secretary of Commerce David Rosenberg. “The Hoosier Heights development in Tell City will not only support current and future residents, but it will pave the way for continued economic growth in Perry County and the surrounding region, ensuring businesses have access to the skilled workforce needed to thrive.”
“Hoosier Heights is more than just a housing project – it’s a critical investment in the future of Perry County,” said Erin Emerson, president and CEO of the Perry County Development Corporation. “By increasing housing inventory and expanding infrastructure, we’re laying the groundwork for sustainable growth and providing more opportunities for families to build their future here. Leveraging READI funds has been instrumental in turning this vision into a reality, and we look forward to welcoming new residents to our community as we continue to grow together.”
READI 1.0 has awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place and quality of opportunity initiatives. READI 2.0, which was part of Gov. Holcomb’s 2023 Next Level Agenda and secured additional funding awarded by the Lilly Endowment, is allocating another $750 million to accelerate community development investments statewide. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
Tell City and Perry County are part of the Indiana First READI region – led by the Southwest Indiana Development Council – that was awarded $30 million in READI 1.0 and READI 2.0 matching funds to support quality of life, quality of place and quality of opportunity projects. The region’s READI investments, including Hoosier Heights, are designed to remove barriers to and encourage development by investing in infrastructure and increasing the availability of shovel-ready sites; future-proof regional workforce and create opportunities for upskilling; diversify region’s economy and foster innovation, entrepreneurship, and business attraction and retention; increase housing options; and provide amenities and services that support population growth and diversification.
Learn more at IndianaREADI.com.
Governor Eric J. Holcomb established the $1.25 billion READI program in 2021, and it has since been nationally recognized for its success. READI 1.0 was established with an initial $500 million in partnership with the Indiana General Assembly and is bringing vibrancy to regions across the state to accelerate shovel-ready projects and programs that will transform Hoosier communities, attract talent and improve quality of life.
“The availability of housing is an essential aspect of quality of place, particularly in our rural Indiana communities,” said Indiana Secretary of Commerce David Rosenberg. “The Hoosier Heights development in Tell City will not only support current and future residents, but it will pave the way for continued economic growth in Perry County and the surrounding region, ensuring businesses have access to the skilled workforce needed to thrive.”
In Perry County, READI matching funds are being leveraged to support the $10.3 million first phase of the Hoosier Heights development (including a $1 million READI 1.0 allocation), providing the necessary infrastructure to support the new subdivision being built on 35 acres. The first phase of development is expected to create 33 new family homes by the end of 2026 – with the potential to house up to 81 homes in later phases of development – filling a critical need for housing in Perry County and supporting the region’s continued talent retention and attraction efforts.
“Hoosier Heights is more than just a housing project – it’s a critical investment in the future of Perry County,” said Erin Emerson, president and CEO of the Perry County Development Corporation. “By increasing housing inventory and expanding infrastructure, we’re laying the groundwork for sustainable growth and providing more opportunities for families to build their future here. Leveraging READI funds has been instrumental in turning this vision into a reality, and we look forward to welcoming new residents to our community as we continue to grow together.”
READI 1.0 has awarded $487 million to 353 unique projects and programs across the state, yielding $12.6 billion invested (26:1 investment leverage ratio) in quality of life, quality of place and quality of opportunity initiatives. READI 2.0, which was part of Gov. Holcomb’s 2023 Next Level Agenda and secured additional funding awarded by the Lilly Endowment, is allocating another $750 million to accelerate community development investments statewide. This funding is expected to attract a minimum 4:1 match of local public and private funding, yielding at least $3 billion invested to increase the vibrancy and prosperity of Hoosier communities.
Tell City and Perry County are part of the Indiana First READI region – led by the Southwest Indiana Development Council – that was awarded $30 million in READI 1.0 and READI 2.0 matching funds to support quality of life, quality of place and quality of opportunity projects. The region’s READI investments, including Hoosier Heights, are designed to remove barriers to and encourage development by investing in infrastructure and increasing the availability of shovel-ready sites; future-proof regional workforce and create opportunities for upskilling; diversify region’s economy and foster innovation, entrepreneurship, and business attraction and retention; increase housing options; and provide amenities and services that support population growth and diversification.
Learn more at IndianaREADI.com.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, and helping businesses launch, grow and locate in the state. Governed by a 14-member board chaired by Governor Eric J. Holcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.