INDIANAPOLIS — City officials, Partnership for Affordable Housing, Inc. and House Investments, LLP recently gathered to highlight construction and break ground on Forty Six Flats, a $41 million affordable housing development located at 2511 East 46th St. This $41 million public-private partnership between Partnership for Affordable Housing, Inc., House Investments, LLP, Indiana Housing and Community Development Authority, and the City of Indianapolis will bring 173 affordable, income-restricted units to 8.5-acres of formerly abandoned office park.
Forty Six Flats will offer one-and two-bedroom units serving individuals and families making at or below 60 percent Area Median Income (AMI) with ten units reserved for tenants at 50 percent AMI or below and 163 reserved for incomes at 60 percent AMI or below. Rent will range from $705 to $890 for a one-bedroom, and $855 to $1,075 for a two-bedroom. Forty Six Flats will feature spacious floor plans with 705 –850 square-foot one-bedrooms, and 950- square-foot two-bedrooms. In addition to affordability, Forty Six Flats will offer comprehensive services for residents through Aspire Indiana Health which will include case management, financial literacy, utility assistance, employment services, and outpatient mental health services.
The development will also feature 14,000-square-feet of commercial space, a fitness center, dog park, and outdoor recreation. Once completed, Forty Six Flats will connect hundreds of Indianapolis residents and their families to IndyGo’s bus system and the future Nickle Plate Trail.
The Forty Six Flat development team estimates that leasing will begin in the summer of 2024 with construction completion in summer 2025. For more information about this development, visit fortysixflats.com.