READI Funds Spur Housing and More
Additional housing is emerging throughout Spencer County. Funding from Indiana's Regional Economic Acceleration and Development Initiative (READI) has driven and aided local housing projects.
Rockport and Roll LLC is a development well on its way in Reo, just outside of Rockport. Z Place Commons features five duplexes currently being built and with completion expected by the end of May. The plans for this project include 25 duplexes, providing 50 housing units.
“Spencer County, like many other counties throughout Indiana, is facing a critical housing shortage,” says Spencer County Economic Development Executive Director Heidi Young. “Not only is it crucial to increase local housing for the shrinking family size per home but additional housing provides employers a way to retain and attract workforce. READI funds are being utilized to help offset infrastructure expenses which allows developers to invest more into the development to create more residential spaces.”
READI funds have also been awarded to two other housing developments: Orchard Estates in Dale and Back 9 Development in Santa Claus. In total, 91 new units are planned with the assistance from READI funding in Spencer County.
Spencer County is one of five counties in the Indiana First READI Region. Throughout the entire region, $15 million READI dollars will be used to leverage $153 million in additional investments. Recognizing the crucial need for housing throughout the Indiana First Region, much of the area's READI grant is focused on housing. Region-wide projects include nine housing developments across all five counties, resulting in more than 290 single-family homes and 180 apartments.
“Not only has the READI Program been a catalyst for new housing projects throughout Spencer County, but also for our quality of place initiatives with the Lincoln Amphitheatre additions,” touts Kathy Reinke, the executive director of the Spencer County Regional Chamber of Commerce. “The synergy of our Spencer County READI team – comprised of Tourism, Chamber, and Economic Development – is the perfect blend for understanding and addressing our county’s needs for growth and prosperity.”
In addition to housing, there are six economic and workforce development projects as well as quality of place initiatives utilizing the READI grant to spur growth. Renovations to Spencer County's very own Lincoln Amphitheatre are included in these projects.
About Indiana First
The Indiana First READI Region includes Harrison, Knox, Perry, Pike, and Spencer Counties in southwest Indiana. The region was awarded $15 million from the state’s READI program, intended to accelerate projects that will enhance the area’s quality of life, and increase competitiveness for economic growth.
About READI
Indiana’s nationally recognized Regional Economic Acceleration and Development Initiative (READI), administered by the Indiana Economic Development Corp., allocated $500 million in initial funding for projects which will improve the quality of place, and quality of opportunity, in communities throughout the state. It also encourages a new level of regional collaboration that bring mutual stakeholders together to determine for themselves the future of their communities.