By HOLLY GASKILL
Ossian was awarded $2.5 million in the first round of low-interest loans from the the Indiana Finance Authority through the Residential Infrastructure Fund.
The funds will be used toward public infrastructure for a new addition in northern Ossian, Fawn Meadows, which is anticipated to have 168 lots.
The housing development was the only one in Wells County and one of 11 statewide to be awarded in the first round. In a press release Monday, it was announced that $51 million would be loaned to the 11 developments to “provide infrastructure to support housing”.
The RFI guidelines state that applicable uses for the loan are: a water distribution system; water treatment plant; wastewater treatment plant; sanitary sewer system; storm sewer system; lift station; street, road, or bridge; curb, gutter, or sidewalk; traffic signal; street light; and electric or gas distribution line.
Other recipients were located in Fort Wayne, Goshen, Gas City, Auburn, Jamestown, Vincennes, Churubusco, Indianapolis, Clarksville and Michigan City.
In 2023, the Indiana General Assembly established the RIF program in hopes of reducing infrastructure costs for residential housing in communities that show a need for additional housing.
holly@news-banner.com
