Thrive West Central tells Terre Haute council ARPA housing investments have produced nearly 400 city units and a revolving loan fund

Thrive West Central presented its progress on ARPA-funded housing to the Terre Haute City Council on March 5, saying the regional nonprofit has helped deliver hundreds of housing units and is moving several catalyst projects toward construction.

The presenter said the program’s regional tally is about 560 units and that the city-specific total is 392 units to date. "We are up to 560 units" in Vigo County and "city of Terre Haute housing specifically has been 392 units to date," the presenter told the council, saying those projects represent about $2.7 million in project dollars and roughly $82 million in private investment.

The presentation concentrated on three near-term efforts: a Liberty Avenue catalyst project, a set of buildable parcels conveyed by Indiana State University, and the creation of a revolving loan fund for builders. The Liberty Avenue plan is a $~5 million effort to build 28 three-bedroom, two-bath single-family homes intended to raise neighborhood comps; the presenter said target sale prices would start in the mid-$160,000s and could reach the $180,000 range as the project progresses.

Thrive described the ISU partnership as 74 buildable parcels that will be marketed with an ARPA infrastructure incentive of roughly $6,500 per lot to offset sewer laterals, driveways, sidewalks and similar infrastructure costs. The organization said a developer is close to taking an initial bundle of parcels and that projects may be under contract this year even if construction finishes later.

On financing, Thrive said the city and Vigo County each contributed $1 million to a revolving loan fund (a $2 million pool overall) designed to offer low-cost, short-term construction financing to de-risk projects and create a pipeline of local builders. "Instead of just giving things away as grant funding, we will now do a low-interest revolving loan to builders to be able to use and cycle in and out," the presenter said, adding that the fund is intended to be perpetual.

Thrive also described homebuyer assistance through Hoosier Homes Plus (a Fannie Mae/Freddie Mac program) and the local Club 720 portal. The presenter reported a combined federal and local match to date of about $146,000, with $73,000 coming from the local $500,000 pool.

Council members pressed for details on lender participation and servicing; the presenter said some local lenders (First Financial) are engaged and that solutions may use CRA contributions so lenders can service loans locally rather than sell them off. Thrive offered to return with legal documents, loan terms and more-detailed program materials once those materials are finalized and vetted by counsel.

Why it matters: the projects are intended to increase housing supply, raise neighborhood property values in underserved areas, and generate recurring property-tax revenue that Thrive says will help offset the city’s initial ARPA investment.

What’s next: Thrive said it will continue bid negotiations on Liberty Avenue to reduce subcontractor pricing, move the ISU parcels toward redevelopment-commission consideration, finalize revolving-loan documentation, and release a press statement about the city/county revolving loan fund and other program details.