State Rep. Frye: READI to Boost Southeast Indiana

A $35 million housing project is underway in North Vernon.

INDIANAPOLIS - Thanks in part to funding from the Regional Economic Acceleration and Development Initiative, also know as READI, North Vernon officials recently began work on a $35 million housing project. This comes after more than 30 years without any new home developments in the area, making way for population growth and new investments in Jennings County.

Through the READI program, regions across Indiana are encouraged to join together to attract and retain talent, bring in new jobs and invest in our quality of life. READI, a matching grant program launched in 2021, empowers regions, comprised of at least two counties, to identify their unique needs and develop an action plan. Communities face unique challenges, and through READI, they can receive grant funding to tackle these issues as a region, like the lack of housing. As of recently, more than 95% of the initial grant funds, totaling nearly $475 million, have been awarded for 347 projects statewide. These projects are expected result in more than $8.5 billion in additional investment via local public, private and philanthropic matching funding.

Indiana's population growth continues to outpace our neighboring states and Indian has experienced record economic growth during each of the last four years. Not surprisingly, housing-related requests made up 30% of all funding requests in the first round of READI grants. Indiana's gap in affordable housing is part of a national shortage, especially those in low-income and rural areas. Low housing stock, rising inflation, and supply and demand issues continue to drive prices up. This is especially an issue in our more rural areas, and impacts renters and home buyers alike.

With help from a READI grant, North Vernon is making headway and opening the door to new growth. This new investment will help boost the local economy, helping to retain and attract new workers and jobs into the region.

The state's next two-year budget, which I supported, invests an additional $500 million for the grant program to be expanded to READI 2.0. This second round of grant funding can support workforce housing development, local infrastructure, purchasing land or buildings for development regions, redevelopment projects. Through this unique economic development tool, our communities large and small can receive a much-needed boost.

To learn more about READI 2.0, visit iedc.in.gov. This is a great program, making meaningful investments in communities across the state and I'll continue to look for ways to make our area . For any questions, please reach out at 317-234-9139 or email at h67@iga.in.gov.