Southern Indiana Business Report
FRENCH LICK, Ind. (July 11, 2022) – The French Lick Resort has worked rigorously on the development and construction of the workforce-oriented new housing project that may help bring new workers to live in their community. Resort staff are acting as the contractors and developers for this project while working with Orange County Economic Development Partnership (OCEDP) and elected officials from both the town of West Baden and Orange County.
The team from the Resort has found that new home construction requires a set of needs and activities not typical of their regular work at a world-class resort and casino. “It’s been an interesting project but a challenge we could pull off,” said Jerry Hanger, lead contractor from French Lick Resort.
The housing project has been a team effort and a long time coming. What used to be a large tract of farmland is now Abbeydall Pike with the prospect of 75 homes planned to be built; houses #1-4 have been completed and have sold, #5-6 are under construction, and the intent is to complete a total of 12 homes by the end of 2022. This project has proven successful despite the obstacles encountered during the COVID-19 pandemic.
These homes are open to anyone employed by a company located in Orange County. OCEDP serves as the realtor and marketer for these homes because leaders and officials understand and see the need for housing in their community to keep up with the demands of a strong workforce.
The newest homeowner, Cody Metz, said, “It’s been a really easy and simple process thanks to OCEDP and Springs Valley Bank, and being able to move into a new home with a little bit of land has been really great.”
In Orange County, the median listing price of a house for sale outside of the workforce housing project is $174,000 while the state’s median listing price is $219,000.
“Springs Valley Bank & Trust Company is excited to see housing development initiatives in Orange County. It gives members of our community an opportunity to be able to own and afford a new home instead of renting. As a mortgage loan officer here at Springs Valley, I appreciate and love the opportunity to help the community with their financial needs.” said Tina Qualkenbush, Vice President & Mortgage Loan Officer.
To keep the homes affordable, especially in a tight housing market, the Springs Valley Bank & Trust has been able to keep the interest rate of these homes at a market rate value of 6%, allowing for a possible price point of around $150,000 for each home.
“Owning a home has long been central to achieving the American dream,” said Lt. Governor Suzanne Crouch, who recently attended an open house to display one of the homes. “I am so thankful and appreciative of the work being done to keep homeownership attainable and sustainable for Hoosiers. We are excited to celebrate Homeownership Month with the Orange County Economic Development Partnership and look forward to seeing their community grow.”
With June being Homeownership Month, Lt. Governor Crouch and the Indiana Housing & Community Development Authority (IHCDA) celebrate the value home ownership brings to an individual, family, and community. IHCDA has played a vital role in growing Indiana’s economy by partnering with developers, lenders, investors, and non-profit organizations to develop financially stable and affordable homes for the Hoosier workforce for years to come.
The promotion of homeownership goes beyond the month of June; the utilization of responsible homeownership and the right steps to achieve the dream of owning a home are all part of what the IHCDA has to offer.
“We celebrate homeownership because it’s such an important milestone for an individual or a family to achieve,” said Kristal Painter, Executive Director of the Orange County Economic Development Partnership. “We’re excited that we get to partner with such an amazing organization as French Lick Resort by helping to make the dream of home ownership a reality through the Orange County Workforce Housing Development that is currently under construction in West Baden Springs. The goal is to build 75 homes in West Baden Springs and an additional 25 in French Lick, for a total of 100 homes, which is 100 opportunities for families to continue this celebration for years to come!”
The next step in this project goes beyond the West Baden/French Lick region, with the Cook Group recently announcing an intention to build 300 more homes across south-central Indiana to provide workforce housing for local business employees. The firm recently purchased 62 acres across from their facility in the Town of Spencer in order to develop more housing as part of their goal.
“After four years of developing the workforce housing project, it is wonderful to see homeowners finally in homes. We couldn’t have gotten this far without the help of the Orange County Economic Development Partnership, West Baden Town Council, and all the local banks. It’s been a fantastic community effort, and we’re excited to see the initiative keep growing with eight more new homes this year.” said Chuck Franz, Cook Group vice president and chief information officer.