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Indianapolis officials mark opening of 46 Flats, a 173‑unit affordable housing development
Summary
City and nonprofit partners celebrated the ribbon cutting for 46 Flats in the Millersville neighborhood, a $41 million redevelopment that officials say delivers 173 affordable apartments and 14,000 square feet of commercial space funded in part by nearly $3 million in ARPA dollars and IHCDA financing.
City leaders and project partners on Thursday celebrated the official opening of 46 Flats, a mixed‑use redevelopment in the Millersville neighborhood that officials said includes 173 affordable apartments and roughly 14,000 square feet of commercial space.
"We are bringing on almost 200 units of affordable housing," Albany Hart, chief communications officer for the Department of Metropolitan Development, said at the ribbon‑cutting. Mayor Joe Hogsett said the project brings the city one step closer to a 2025 target of 683 units in active development.
The development, led by co‑developer House Investments and sponsor Partnership for Affordable Housing (PAH), converts a vacant office park into residential and commercial space. Matt Gratis, principal at House Investments, said the project represents a $41,000,000 investment that delivers 173 homes and a mix of one‑ and two‑bedroom apartments intended for households at lower to moderate incomes.
City and state financing played a central role. Officials said the City of Indianapolis contributed American Rescue Plan Act (ARPA) funds to the project; Albany Hart described the city contribution as "nearly $3,000,000," while House Investments specified a city ARPA contribution of $2,750,000. The Indiana Housing and Community Development Authority provided tax‑exempt bonds, a development fund loan, a $500,000 TCAP (Tax Credit Assistance Program) loan, and the tax credits associated with the bonds, attendees said.
Megan Vukasic, director of the Indianapolis Department of Metropolitan Development, said 10 percent of units are set aside for households at 50 percent or below area median income (AMI), and the remainder are reserved for households at or below 60 percent AMI; transcript remarks contained slightly different counts, which organizers and developers repeated during the event. Steven Enns, representing the Indiana Housing and Community Development Authority (IHCDA), noted the property was fully leased within five months and said that tax‑credit financing can now support affordability periods of up to 40 years.
Partnership for Affordable Housing (PAH) will operate services at the site, including plans for financial literacy, employment services, home‑ownership education and supports for teen parents. Site staff named at the event included on‑site leasing and management personnel who were credited with achieving the rapid leaseup.
Project partners listed during the ceremony included Merchants Capital (tax credit equity), Merchants Bank (construction financing), Paragus Multifamily (construction manager), Seebri Architects, and HI Management (property management). Organizers also mentioned a pilot agreement tied to the project but did not provide further details at the event.
Officials highlighted the site's connectivity and neighborhood investments: the property sits on Indianapolis' Northeast Side near Keystone transit stops and the future Nickel Plate Trail, which city staff said will increase neighborhood access and connectivity for residents.
Speakers concluded the program by inviting attendees to ask questions and take photographs. No formal votes or agency actions were recorded at the event.
The city and partners did not provide a detailed unit‑by‑unit funding breakdown at the ceremony; developers said project costs and rising interest rates during construction made the supplemental public funding necessary to complete the work.
