Muncie receives READI 2.0 funding for downtown apartments and new homes in historic neighborhood
Muncie has announced it’s officially receiving READI 2.0 economic development grant funds from the state of Indiana. As IPR’s Stephane Wiechmann reports, the city says it will pay for new housing.
Muncie Mayor Dan Ridenour has stressed over and over the importance of economic development programs like READI.
“Our rents are not as high in our community as some other places, and it creates a problem. Because the construction costs are here, the rents only support this amount – that difference between, by READI, helps support and encourages the developers to come to our community.”
Read More from 2021: Muncie Mayor: City Will Grow If We Build Housing
In his public remarks, while speaking over anti-redistricting protesters outside a tent in downtown Muncie across from City Hall, Ridenour said Muncie is receiving $6.75 million from the state total of $500 million, originally awarded in April 2024.
“I immediately called Nate Howard at the [Muncie] Land Bank, and then I called Jeb over at Intend Indiana, the developers, and I said, ‘Hey, you can start spending money!’”
To receive its portion, cities like Muncie had to match the award funds with other infrastructure projects. Ridenour says for Muncie, that includes paving major streets and doing sidewalk work, doing large sewer repairs, and creating a gateway park across from city hall.
Read More: Muncie receives tax credits from state program for affordable housing project
The grant award will help two projects that will add new housing to the city. Dubbed Highpoint Station, a four-story apartment building across from city hall will have 54 market-rate apartments.
Some money will also add 34 homes in the Old West End neighborhood. The Muncie Land Bank’s Nate Howard says 30 new homes will be built on individual lots in the neighborhood and four existing homes will be renovated. Some will be market-rate and some will be income-dependent.
“This kind of development is really a form of justice,” says Howard, “bringing new opportunities and investments to neighborhoods that bore the brunt of Muncie’s post-industrial transition.”
A third round of READI grants was not included in the two-year state budget that began last July.
Stephanie Wiechmann is our Managing Editor and “All Things Considered” Host. Contact her at slwiechmann@bsu.edu.
