The Indiana Economic Development Corporation joined local and regional officials today in Staunton to cut the ribbon on a new development that will increase housing availability in West Central Indiana. The project, Clay Court development, is part of the Homes for the Future program – a pilot initiative to incentivize homebuilders and developers to build new, age-friendly homes that is being supported by Indiana’s Regional Economic Acceleration and Development Initiative (READI).
Governor Eric J. Holcomb established the now $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.
"Indiana’s READI program is accelerating quality of place assets and amenities in communities across the state, serving current and future Hoosiers in urban, suburban and rural neighborhoods alike,” said Gov. Holcomb. “The availability of housing is a critical part of serving and supporting a growing population. The West Central region’s focus on new developments will benefit Hoosiers today and for years to come.”
In November 2023, the West Central Indiana region allocated $1.8 million in READI matching funds to support Thrive West Central’s Homes for the Future program, which is designed to address the region’s burgeoning demand for sustainable, future-ready housing by incentivizing market rate developments. Through the program, Thrive West Central has allocated funding to support eight projects, including Clay Court, that will create 162 new housing units throughout the region.
Clay Court is a new subdivision in Staunton, a rural Indiana community, that features 10 spacious, half-acre homesites offering city utilities and close proximity to Clay Community schools. READI matching funds were used to support the $2.2 million development ($197,000 READI 1.0 allocation), bringing to life new 1,300-1,500 square feet, open concept homes with three bedrooms, two bathrooms and two car garages. The homes are ideal for families moving to the area, for seniors, or people looking for the comforts of a rural community.
"Today marks a significant milestone for Staunton and the West Central Indiana region,” stated Josh Alsip, Wabash River RDA Clay County Representative. “The Clay Court development is not just about new housing; it's about building a future where our communities thrive. With the support of the READI program and Thrive West Central's Homes for the Future initiative, we are addressing the critical need for sustainable and future-ready housing. This project exemplifies our commitment to enhancing the quality of life, attracting new talent, and ensuring that West Central Indiana remains a vibrant place to live, work and grow."
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.
Staunton is part of the West Central Indiana region – led by the Wabash River Regional Development Authority – that was awarded $30 million in READI 1.0 and 2.0 matching funds to accelerate quality of place, quality of life and quality of opportunity initiatives. The region is prioritizing increases in population growth and retention, per capita income and educational attainment rates by investing in early childhood education; innovation, education and workforce training; housing availability; and destination and recreational development.
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.
Media Contact:
Betsy Peperak (Wabash River RDA) – 812.870.4773 or bpeperak@rjlsolutions.com
Erin Sweitzer (IEDC) – 317.296.2556 or esweitzer@iedc.in.gov
