Overview

The North Vernon housing subdivision project the development of a single-family home subdivision on the west side of North Vernon. In 2018, the City commissioned a housing market study to analyze housing needs. The conclusion was that the North Vernon market had 325 households every year with the potential to buy or rent properties. Of these potential households, the study identified that the market could support the construction of 100+ market-rate, single-family detached homes every year. The city has not seen any recent investment in single-family home construction. The City has become the developer and has purchased the property for the subdivision. The subdivision name will be determined at a later date. The READI ARPA funds will be utilized for the public infrastructure, water, sewer, and storm water, which reduces the barrier of entry for the local and regional home builders for the development of a residential subdivision which will support 100+ lot single-family housing units. It is expected private builders will build an estimated 100+ homes at an average cost of $225,000 to $300,000. The city as the developer will allow local builders access to all lots. Preliminary engineering for the site infrastructure has been completed. The city will provide up to $5.2 M in TIF dollars plus local ARPA funds as match towards the READI ARPA funding of $3.1 M to provide the gap funding for the public infrastructure. The construction timeline is January 2023 through January 2024.