Holcomb Breaks Ground on READI 2.0’s Inaugural Kokomo Housing Development

Photo bywvpe

KOKOMO, IN — Governor Eric Holcomb marked a significant milestone on Tuesday by breaking ground on the first project of READI 2.0, the next phase of Indiana’s ambitious regional economic development initiative. The project, a new housing development in Kokomo, represents the initial allocation of a substantial $500 million state investment aimed at revitalizing communities across Indiana.

The READI (Regional Economic Acceleration and Development Initiative) program is designed to allocate public funds to broader regions rather than individual municipalities. This approach allows regions to leverage these funds alongside private investments, with a particular emphasis on addressing housing shortages and affordability.

Holcomb underscored the importance of collaboration in the program’s success. “I’m hopeful that there is round three and round four and this becomes part of our Indiana approach to solving problems,” Holcomb remarked. “Because there’s always going to be needs and we can get there faster and go further when we do it together.”

Dave Van Baalen, the private developer spearheading the Kokomo housing project, emphasized the role of state, local, and private sector cooperation in keeping housing affordable. “So, if you can’t control those costs and drive those costs down, the end result, the rent cost would be so high that no one can afford to live there,” Van Baalen explained.

The READI 2.0 initiative aims to generate up to $11 billion in investment across the state, with projects expected to roll out over the next several years. This new phase continues the program’s commitment to fostering regional growth and enhancing quality of life through strategic development and innovative partnerships.