INDIANAPOLIS — Across Indiana there is a shortage of homes that are affordable for extremely low-income renters, according to Prosperity Indiana.
A new project on the north side of Indianapolis aims to improve that situation.
Today, the city broke ground on Forty Six Flats, an apartment complex on 46th Street, between Keystone Avenue and Allisonville Road. It will offer 173 units of affordable housing.
Forty Six Flats will have one and two-bedroom apartments for those who make 60% ore less of the area’s median income, which would be about $46,000 a year for a two-person household.
Officials say rent will range from $705 to $890 for a one-bedroom, and $855 to $1,075 for a two-bedroom.
Forty Six Flats will also offer services for residents through Aspire Indiana Health, including case management, financial literacy, utility assistance, employment services and outpatient mental health services.
”Forty Six Flats will transform what was once a blighted and vacant eyesore into a vibrant mixed-use community, providing secure, high-quality affordable housing for Indianapolis residents for generations to come,” said House Investments Chief Investment Officer Matt Gadus.
The apartment building will also have 14,000 square feet of commercial space, a fitness center, dog park and outdoor recreation.
Forty Six Flats is expected to open in summer 2025, with leasing beginning in summer 2024.
