INDIANAPOLIS — There's a shortage of affordable housing nationwide and Indianapolis is no exception. A brand new northside development is trying to help get more Hoosiers in homes for a lower cost.
The new townhome development called Arnold Place is located near 25th and the Monon Trail.
“33 units here at Arnold Place, the majority of them will be affordable. So that's at least 17 units,” explained Tim Coxey, the director of Marketing and Communications for the Indianapolis Neighborhood Housing Partnership (INHP).
Arnold Place broke ground back in October 2023 and is now one of the largest affordable homeownership developments in the entire city.
The units feature three bedrooms and 2 ½ bathrooms with an attached garage.
INHP is working with several partners including the City of Indianapolis and the Indianapolis African American Quality of Life Initiative (IAAQL) to help support those at an average income level to afford the brand-new units.
“That could mean a single person earning about $57,000 or a family of four earning about $82,000 in a combined household income,” Coxey told WRTV. “All of those organizations combined have helped us develop a unique financing package here at Arnold Place that contains a lot of down payment assistance and a really unique mortgage product.”
The goal is to help ensure homeowners are not burdened by the cost for Hoosier families like Mariah Lumpkins, a single mother of eight kids.
“It’s kind of a struggle finding the right housing with enough bedrooms and also once again affordable,” she said.
Lumpkins is living with her mother right now and has been searching for affordable housing for months.
“We have a shortage of affordable workforce housing that impacts everyone, but we also know that it, in particular, impacts African Americans in this community,” said Tony Mason, the Co-director of IAAQLI.
According to the Fair Housing Center of Central Indiana, Black homeownership is only at 39% in Marion County, drastically lower than White Hoosiers at 67%
“We know that home ownership is the key. When you start talking about developing multi-generational wealth, it starts with owning property,” Mason said.
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Hoosiers must get pre-approved for an INHP Mortgage Loan for the income-based units.
Once they are approved, they can tour and put in an offer on the units at Arnold Place before anyone else through that First Look program that runs from March 6-22.
