October 23, 2023

New Indianapolis building offers more than 170 affordable units

City leaders prepare to break ground on the new apartment complex. - (Jill Sheridan/WFYI)

City leaders prepare to break ground on the new apartment complex.

(Jill Sheridan/WFYI)

A new apartment complex will offer 173 units at affordable rates on Indianapolis’s north eastside.

Forty Six Flats is being built through a partnership between the city, the developer, Indiana Housing and Community Development Authority and nonprofit Partnership for Affordable Housing. The City-County Council approved a funding mechanism called Payment in Lieu of Taxes, or PILOT, that gives developers tax breaks in exchange for deeper rent affordability.

Indianapolis Mayor Joe Hogsett says a majority of the units will be available to residents earning 60 percent or less of the area median income, AMI.

“Or about $46,000 a year for a two-person household,” Hogsett said.  “That's fantastic and what a commitment.”

10 units will be offered for residents earning less than 50 percent AMI. That puts most rent at under $1,000 dollars.

The property off of Keystone Avenue is close to bus routes and the planned expansion of the Nickel Plate Trail that will connect with the Monon Trail. The site had been vacant for years, but is targeted as transit-oriented development.

“That means easier access to jobs, it means easier access to groceries, it means more for those who choose to or who must go without access to a car,” Hogsett said.

The new complex is in Indianapolis City-County Councilor William Duke Oliver’s district.  He said many residents are struggling.

“Over the last few years, the cost of living has risen tremendously. And the pandemic has only fueled the uncertainty of so many people's finances,” Oliver said.  “It is important that we continue these efforts and provide opportunities for our neighbors to thrive.”

The city allocated $2.7 million in federal relief funding for the effort. 

Forty Six Flats is a mixed use project that will have retail space, a dog park and fitness space as well as housing.  A partnership with Aspire Indiana will also offer onsite services for residents including employment and mental health.

Leasing is expected to begin next summer.

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