Arcadia secures $3M state loan for new housing project

The Town of Arcadia has closed a $3 million low-interest loan from the state for the Langdon Crossing workforce housing project. The development will include approximately 264 single-family detached homes across 86 acres in four phases.

The loan is provided through the Indiana Residential Infrastructure Fund (RIF).

“Indiana’s economy is growing, and our housing supply needs to grow with it,” Governor Mike Braun said. “These investments will save local communities money while helping them ensure Hoosier families have access to a variety of housing options.”

The RIF loan program was created in 2023 to provide financial assistance to municipalities to finance infrastructure projects that support residential housing development in communities that demonstrate the need for additional housing inventory based on local job growth.

Arcadia’s loan is one of six announced this month, totaling more than $25 million. Other localities across the state receiving loans include Attica in Fountain County, Austin in Scott County, Elkhart in Elkhart County, Ft. Wayne in Allen County, and Terre Haute in Vigo County.

“Through the RIF program, these communities will – in aggregate – save more than $6.2 million in principal and interest costs, compared to open-market financing,” said Sherry Seiwert, RIF program director with the Indiana Finance Authority.

Seiwert said the IFA, which manages the RIF program, has closed more than $87 million in loans with housing developments throughout Indiana since 2024, benefiting 20 communities across Indiana.

About the Indiana Finance Authority
The Indiana Finance Authority oversees State-related debt issuance and provides efficient and effective financing solutions to facilitate state, local government and business investment in Indiana.The IFA also manages the Wastewater and Drinking Water State Revolving Fund Loan Programs and the Indiana Brownfields Program.

Learn more about the RIF program at this link.