Indianapolis Neighborhood Housing Partnership – Arnold Place

About this Project

2023

Date Closed: April

Total Project Cost

New Markets Tax Credit Investment

In April 2023, Indy CDE financed Indianapolis Neighborhood Housing Partnership’s for-sale affordable townhome project, Arnold Place, with a $8 million New Markets Tax Credits investment. Indy CDE’s first foray into affordable housing, the project will result in at least 22 new construction townhomes of which 51% will be sold to homebuyers making no more than 80% of the area median income. The City of Indianapolis also contributed $1.8 million of American Rescue Plan Act dollars to the project.

Arnold Place, located just off the Monon Trail, a multi-modal rails to trails line running north to south through Indianapolis and Hamilton County, will feature affordable housing consistent with the 25th & Monon Vision Plan and the Anti-Displacement & Inclusive Growth Policy Agenda for Indianapolis.

The Monon Trail has been a catalyst for housing development over the past ten years. New construction homes in the area routinely exceed $300,000, and existing homes sell for over $200,000. These prices exceed the buying power of most 80% AMI buyers and when they can afford the housing prices, they are routinely competing with cash offers from investors. The 1.34-acre site, located on a former brownfield, is one of the few opportunities to develop large-scale quality affordable homeownership options along the Monon.

The homes will be within a half mile of Frederick Douglass Park and within a mile of a grocery store, schools, restaurants, retail stores, employers, and the Edna Martin Christian Center. INHP will partner with the local CDC, Martindale Brightwood Community Development Corporation, to recruit homebuyers from the area that already have existing connections and support structures within the neighborhood.

The project is expected to break ground in the fall of 2023 and begin selling homes to affordable homebuyers as early as mid-2024.

For over 30 years, INHP has used homebuyer education, one-on-one homeownership advising, down payment assistance, and innovative financing to assist Indianapolis families in reaching their goal of homeownership. Since 2018, INHP has expanded into development of single-family homes and has completed 65 homes for families with low and moderate incomes.

“One of the largest affordable homeownership projects in Indianapolis in decades.”

INHP Arnold Place, a series of colorful townhouses.
INHP Arnold Place ground breaking