Indiana's READI 2.0 Grants Aim to Address Housing, Quality of Place, and People Development

With Governor Holcomb’s announcement of the $500 million in READI 2.0 grant amounts to regions around Indiana, we can start to evaluate the projects and initiatives those dollars are aimed to support. The state announced that the $500 million direct input is slated to support more than $11 billion of further development and improvements. This estimate is important to note as many economic credits and incentives are aimed to do exactly that: stimulate further “ripple” effects within the community.

So, what ripples can we anticipate from this injection of funding? Many of the strategic plans submitted for the $500 million pot revolved around people, primarily ways to address housing and attract people to the regions represented. Other areas that supported “stickiness” to a community were secondary to the housing factor, such as quality of place initiatives and family support like childcare for working households. Enhanced training options for skilling up the workforce and redevelopment opportunities rounded out the top requests for funding support.

Housing

Many regions, especially more rural ones, noted an alarming factor: the decrease in population and the aging of remaining populations. The availability of new and different housing types for an area was a common theme amongst the applications for READI Funding. The state of Indiana has noted a lingering issue of “brain drain,” and this factor is felt in regions around the state. READI dollars primarily seem poised to support the creation of development areas to encourage further housing developments, from multifamily to single-family homes and other downtown options. In more urban areas, housing is still needed for the influx of population, and the variety of housing and affordability are primary issues to address. READI funding can again be used for creative renovation and expansion projects in these areas.

Quality of Place

People need a reason to move to an area. In many economic development circles, the shift from “build it and they will come,” a stance that assumes industry location in an area will drive population around that project, has been turned on its head. In the post-COVID era, people often look at where they want to live first, and then at job factors as a secondary consideration. Due to so many work-from-home or remote options, people are still located in areas where they can get the most out of their communities, from recreational activities to various retail and housing options.

Communities strive to communicate and enhance their unique features while creating connectivity to other regional attractions. READI funding is often earmarked for ways to enhance a community’s “stickiness,” or a way to attract and keep people within the community. It will be interesting to follow how dollars are directed toward particular initiatives in this area as communities look to support existing populations and also plan for future generations and their demands. Greenspaces, trails, community gathering places, and infrastructure upgrades all play into this area.

People Development

People consider different areas for various reasons, but ultimately, the need for long-term housing often revolves around families. Childcare costs have been on the rise, and its demands have increased annually. Affordable housing issues also create an increased demand for and on dual-income families. Many READI funding proposals aim to fulfill the need for affordable, timely childcare support services, including before and after school care. These programs don’t just seek a convenient “babysitter” but rather prioritize the early childhood educational and developmental needs for young children.

Education doesn’t end at preschool or K-12 for that matter. Many READI proposals look at ways to enhance education opportunities and skillsets of young adults and adults within a region. The READI funding can be utilized for specific programs that assist existing employers and industries that a region is trying to attract through economic development strategies and incentives. “Skilling up” has been a major platform under the Holcomb administration and regional players, such as trade schools, community colleges, and other higher education institutes, are all needed to meet those demands. READI funding will likely go towards program certifications and other offerings

The READI program is a unique initiative for economic development in the Midwest. The IEDC aims to stimulate investment many times greater than the initial READI funding by leveraging the creative ideas of different regions across the state. The first round of READI funding is just starting to show its impact, and we are eagerly anticipating the effects of READI 2.0 in the near future to meet those needs.