Wayne County Foundation Commits $1 Million Impact Investment to Revitalize Richmond’s Vaile Neighborhood

The Wayne County Foundation has committed a $1 million impact investment to support transformative neighborhood revitalization efforts in Richmond’s Vaile neighborhood. The investment, made in partnership with Intend Indiana, the Indiana Economic Development Corporation (IEDC), and the Economic Development Corporation of Wayne County (EDCWC), advances our long-standing mission to strengthen local communities, enhance the spirit of community and to improve the quality of life in the Wayne County, Indiana, area now and for future generations.

We adopted our local impact investment program in 2022. Different from grantmaking, impact investments yield both a financial and social return and are often part of a larger collaborative effort among stakeholders to achieve a goal. The financial return will allow us to reinvest back into projects that restore our communities, creating a social impact that will last well beyond our lifetimes.

Through our program, Forward Wayne County will review and recommend investments to the Wayne County Foundation board of directors from across Wayne County that advance countywide vitality and wellbeing that directly or indirectly serves diverse residents; revitalize existing assets to create vibrant city and town centers that offer community members hospitable and healthy spaces to live, work, commune, and incubate businesses; or that will improve Wayne County’s quality of life through investments in housing, entrepreneurship, and physical assets/built environment (not including basic infrastructure like roads, bridges, water systems, etc.).

First Impact Investment

The Foundation’s first housing impact investment allows us to put capital to work to drive positive community change, marking a powerful step forward in supporting the community outside of traditional grantmaking. We are being purposefully bold, listening to community feedback, imagining places of possibility, and realizing that big dreams start small. In this case, one place, one neighborhood at a time. Vaile.

“This project is a strong example of strategic impact investment at work,” said Acacia St. John, Director of Forward Wayne County. “By broadening the housing mix for our residents and advancing measurable goals for neighborhood revitalization, the Foundation is addressing both immediate community needs and long-term population growth objectives.”

At the heart of this work is a shared commitment to people, economic mobility, and inclusive growth. Our impact investment will help leverage state (IEDC) and local resources (EDCWC) to bring more attainable homes to market, ensuring that families across Wayne County, including local first-time homebuyers, have access to safe, modern, and affordable housing. It will also provide residential stability, increase property tax revenue, and support a more diverse housing mix that aligns with community needs.

“We are pleased that we could be a part of a project that will catalyze redevelopment in our community,” said Rebecca Gilliam, Executive Director of the Wayne County Foundation.

“Strong neighborhoods are an integral part of a thriving Wayne County. Research tells us that homeownership provides a sense of security through a consistent place to live and ownership of the space and neighborhood in which someone lives. The affordable homes in this project are attainable for local residents and support our local economy. We applaud our partners at the EDCWC for sending Intend Indiana our way.”

Intend Indiana

Intend Indiana, an experienced statewide community development partner, will lead implementation, drawing from its proven track record in affordable housing, community revitalization, and innovative financing. They will aim to use local builders, contractors, and vendors to support our local economy. Their expertise, paired with local economic development leadership from EDCWC, positions the Vaile initiative to deliver meaningful, measurable impact.

The project also aligns with broader regional and state strategies to attract and retain talent by expanding housing choices and creating vibrant, livable neighborhoods with access to amenities, employment, and community networks.

As Wayne County works to grow its population and strengthen its economic position, investments like this help ensure that the county is prepared to meet demand and offer a range of attainable housing options.