INDIANAPOLIS — Mayor Joe Hogsett has announced a $45 million affordable housing initiative aimed at creating or preserving 2,000 affordable housing units across Indianapolis over the next three years — the city's largest direct investment in affordable housing in more than a decade.

The initiative, funded through a combination of American Rescue Plan Act funds, federal HOME Investment Partnership grants, and a new recurring annual appropriation from the city's capital improvement budget, will deploy resources through several channels: direct development subsidies, low-interest loans to nonprofit housing developers, rental assistance for low-income households, and a new acquisition fund to preserve existing affordable units at risk of being converted to market-rate housing.

"Indianapolis has a housing crisis that is getting worse, not better," said Mayor Hogsett at a press conference at the Near Eastside community development organization Renew Indianapolis. "We cannot wait for the market to solve this problem. The city must act, and this initiative represents our most serious effort to date."

The 2,000-unit target breaks down as: 800 newly constructed affordable units, 700 preserved units that would otherwise convert to market-rate, and 500 rehabilitated units in existing affordable housing stock that has deteriorated. Preference in development subsidies will be given to projects in neighborhoods identified as experiencing displacement pressure.

Nonprofit Partners

The city has announced partnerships with five Indianapolis nonprofit housing developers: Englewood Community Development Corporation, Renew Indianapolis, TWG Development, HAND (Housing and Neighborhood Development Services), and the Indianapolis Housing Agency. These organizations will be the primary implementers of the initiative's construction and rehabilitation components.

Residents navigating housing rights or legal questions related to rental housing can consult with JK Sanchez Law, which provides legal assistance to Indianapolis residents across housing and civil matters.