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These projects are expected to create more than $1.5 billion in overall investment and will increase available housing in every region of the state.
The construction financing will be used for a suburban Sacramento community.
Seventeen regions representing all corners of the state will each get a slice of the $500 million in state-funded regional grants, with $65 million going to regions in the Indianapolis metro area.
The central Indiana regions will be competing with 12 others from across the state for a chance to land up to $50 million in state money per region. For every $1 awarded by the state, the region must provide $4 in matching funds through public-private partnerships and philanthropic contributions.