Indiana's population is growing and the Indiana Apartment Association estimates the state will need 4,000 additional multifamily housing units annually over the next 10 years. To help, I supported legislation that would incentivize local communities of all sizes to expand housing options.
House Bill 1005 would create the Residential Housing Infrastructure Assistance Program. This program creates a revolving loan fund to help local governments tackle costly infrastructure needs, which could open up new housing development. Loans provided through the program would enable communities to apply and use the money to move forward with projects like water distribution systems, sanitary sewer systems, and electric or gas distribution lines. Indiana needs more housing options, but many communities struggle with paying for the public infrastructure for more housing development. This bill would allow the state to partner with local communities to help pay for projects, which will encourage housing development and boost the local economy.
To benefit smaller communities where the lack of housing is more prevalent, 70 percent of the funding would be for municipalities under 50,000 people. To learn more click here, and to follow legislative proceedings, visit iga.in.gov.