Community Foundation of Southern Indiana Commits $300,000 to Address Affordable Housing Crisis in Clark and Floyd Counties

NEW ALBANY, Ind. – After last month’s release of Housing: The Affordability Challenge in a Growing Region shed light on the critical gaps in housing availability and affordability in Clark and Floyd counties, the Community Foundation of Southern Indiana (CFSI) is taking action to be a catalyst for change.

Inspired by the report’s findings, the Foundation’s board of directors has committed $300,000 to work with community partners, The Wheatley Group, and the Indiana University Southeast Applied Research and Education Center (IUS AREC) to further efforts in the affordable housing space. This investment will help drive collaboration, research, and development initiatives aimed at increasing affordable housing inventory for individuals and families earning 80% or less of the median household income in Clark and Floyd counties, ensuring a more equitable opportunity for lower to middle-income families.

“The Affordable Housing Study made it clear that our region faces significant challenges in providing safe and affordable housing options for working families,” said Linda Speed, CFSI President and CEO. “As a community foundation, we believe in turning knowledge into action. By committing this initial funding, we are not only investing in research and planning but in real, tangible solutions that will create lasting impact for the people of Clark and Floyd counties.”

Using the study as a navigational resource, CFSI is spearheading a Collective Impact Model that will bring together key stakeholders — including government agencies, developers, financial institutions, and nonprofit service providers — to align resources and strategies for long-term affordable housing development. The Wheatley Group, a highly regarded economic development consulting firm, has been engaged as the project coordinator, while IUS AREC will provide research and facilitation support.

The initiative is structured around two key phases: Plan Development and Implementation.

• Plan Development Activities will include stakeholder engagement, asset identification, and an in-depth analysis of housing development and homeownership gaps. The team will also identify tools, incentives, and strategies to facilitate affordable housing projects.
• Implementation Activities will focus on feasibility studies, securing development incentives, and directly engaging with key partners to ensure projects move forward efficiently.

This three-year strategy is designed to achieve measurable impact. It includes establishing a dedicated Affordable Housing Development Collective Impact Team (CAB). This team will identify community-driven housing solutions and develop a 10-year Affordable Housing Strategic Plan with clear benchmarks and funding strategies. The goal is to begin construction of up to 100 affordable housing units by Year 3.

To learn more about Housing: The Affordability Challenge in a Growing Region, please visit our website at www.CFSouthernIndiana.com/housing.