In the heart of Indianapolis, a significant milestone was celebrated as city officials and partners gathered to mark the completion of the Forty Six Flats affordable housing project. The atmosphere buzzed with optimism as speakers highlighted the collaborative efforts that made this initiative possible, especially in a time of rising construction costs and interest rates.

The project, awarded by the Indiana Housing and Community Development Authority (IHCDA) in the summer of 2022, faced numerous challenges. However, the city’s support through American Rescue Plan Act (ARPA) funds was pivotal. “Without the city stepping up with the ARPA dollars, we are not here today,” one speaker emphasized, acknowledging the crucial financial backing that helped bring the project to fruition.

IHCDA played a vital role, providing $25 million in tax-exempt bonds, along with loans and tax credits that facilitated the development. The partnership extended beyond IHCDA, with Merchants Capital contributing tax credit equity and permanent financing, while Merchants Bank supported construction financing. The construction was managed by Paragus Multifamily, which delivered the project on time and under budget, a feat that was met with appreciation from the community.

The success of Forty Six Flats is not just a testament to effective partnerships but also a reflection of the pressing need for affordable housing in Indianapolis. The project achieved full occupancy just months after opening, underscoring the demand for such initiatives in the city. “This shows the need for additional affordable housing here in Indianapolis,” a speaker noted, reinforcing the ongoing challenges that many residents face in securing affordable living options.

As the event concluded, the sense of community and collaboration lingered in the air. The Forty Six Flats project stands as a beacon of hope, illustrating what can be achieved when local government, financial institutions, and community organizations unite for a common cause. The journey does not end here; it opens the door for future developments aimed at addressing the housing crisis in Indianapolis, ensuring that more residents have access to safe and affordable homes.