07/30/2025
Could This Be the Key to Affordable Homes in Northern Indiana — or Just Another Federal Mirage?
A new bipartisan bill is making waves in Washington — and if you live in Northern Indiana, you may want to pay close attention. Senators Jim Banks (R-Ind.) and Mark Warner (D-Va.) recently introduced the RESIDE Act, a policy designed to pump federal funding into turning abandoned buildings into affordable homes.
From defunct strip malls and shuttered factories to crumbling motels and warehouses, these forgotten structures could soon become your next starter home — but not without a fight.
Banks says the American Dream is slipping out of reach, especially for young people, and he's right: soaring prices, a depleted housing stock, and stagnant wages have made homeownership feel like a myth for many Northern Indiana residents. “We have to get serious about building more homes,” Banks said — and this bill is his shot at a solution.
The Revitalizing Empty Structures Into Desirable Environments (RESIDE) Act would fund the transformation of underutilized buildings into both single-family and multi-family homes through competitive grants ranging from $1 million to $10 million — but only for states and cities already participating in the federal HOME program.
Here’s where things get interesting.
Northern Indiana cities like Fort Wayne and New Haven qualify. Mayor Sharon Tucker called it “a much-needed push” toward repurposing what we already have instead of pouring money into new developments. But critics are asking: Will this bill bring new opportunity, or just give developers another loophole to gentrify and displace existing communities?
Mayor Steve McMichael supports the bill’s "budget-neutral" approach and praises it for letting cities have skin in the game through required local matching funds. He calls it "forward-thinking." But others wonder: Is this a real path to affordable homeownership, or a well-marketed backdoor for commercial real estate interests?
Some worry that without strict guidelines, these redevelopments will favor investors and landlords over working-class families, leaving Northern Indiana residents with more apartments and fewer ownership opportunities. And while the federal money sounds promising, skeptics are asking where the accountability lies — and who will truly benefit from the rebuild.
Still, there’s cautious optimism. The infrastructure is already there — roads, power lines, sewers — so why not repurpose what’s rotting? If done right, the RESIDE Act could breathe new life into neighborhoods and help everyday Hoosiers break into the housing market without breaking the bank.
But here's the million-dollar question:
Will this bill build homes for the people — or profits for the powerful?
