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New affordable housing complex will provide 122 income restricted apartments in Indianapolis

The Plaza at Central Greens Rendering.png
Posted at 9:30 PM, Jun 08, 2023

INDIANAPOLIS — The Plaza at Central Greens is a $36 million investment that will create 122 new affordable apartments.

The complex is being built in the Haughville neighborhood on the site of the former Central State Hospital.

There will be two-bedroom and three-bedroom apartment options ranging in price from $800 to $1,400 a month. Families and individuals must meet income guidelines to qualify for one of the units.

According to the developer, if you make 60% of less than the median income of the area, you could qualify for an apartment.

For example, if a family of four is making less than $55,000 a year, they would be eligible.

The apartments will also include resources for the entire neighborhood, including career counseling, literacy training and educational and recreational services.

While these new units will help, some housing advocates say it’s a drop in the bucket.

According to Prosperity Indiana, the Indianapolis metro area has a gap of over 39,000 rental units that are affordable and available to extremely low-income households, part of a statewide gap of over 120,000 units.

But the city feels any amount of affordable housing helps.

“There is a huge shortage of affordable housing in the city and across the state – across the country frankly,” Rusty Carr, Director of the Department of Metropolitan Development for Indianapolis, said. “DMD is very focused on affordable housing. We have dedicated millions of dollars from our American Rescue Plan funds. We’ve oriented all our tools to support affordable housing development. It’s a major priority for us and the mayor.”

Prosperity Indiana, which advocates for fair housing in the state, says these apartments will be helpful, but more needs to be done.

The group sent the following statement:

Unfortunately, with $1,096 as the rent affordable for the median renter household income in the Indy metro area as of 2022, very few of these new units will be available to households at or below the area median income. And while any new number of affordable homes is welcome, the Indy metro area has a gap of 39,004 rental units that are affordable and available to extremely low-income households, part of a statewide gap of over 120,000 units. What's clear is that Indiana can't wait to simply build its way out of our affordable housing crisis - we need our lawmakers to increase access, habitability standards, and tenant protections alongside supply if we are to ensure every Hoosier has a safe, affordable place to live.

The apartment complex is expected to be finished by late 2024. Leasing for the apartments is expected to start next spring.

For more information about the development click here.