The first townhomes that are part of an affordable housing project on the near northeast side are almost ready for purchase.
The nonprofit project developer, Indianapolis Neighborhood Housing Partnership, will start taking offers from potential homebuyers in the beginning of March.
The Arnold Place project will include 33 townhomes near where East 25th Street intersects the Monon Trail. INHP expects to complete more townhomes in phases throughout the year.
How much does a home cost?
A majority of the townhomes will be reserved for buyers who make 80% or less of the area median income. For a family of four, that translates to $82,300.
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The exact loan amount for income-based units will depend on how much the buyer can afford each month.
INHP won’t accept offers that would make the buyer become housing-cost burdened. That’s when a household spends more than 30% of their income on a mortgage payment.
For townhomes sold at market rate, the sale price will be $350,000 for the smaller units and $385,000 for the larger units.
All units have three bedrooms and 2 1/2 bathrooms, with an attached garage.
How to put in an offer
INHP will only take offers on income-based units from buyers who have been pre-approved for a loan through the organization.
Click here to learn more about registering, or call INHP at 317-610-4663.
If your financial situation isn’t ready for a home loan, INHP offers classes and advising. You may be charged for a soft-pull credit report, but you can request a fee waiver during the registration process.
INHP gives its clients first dibs at making an offer — not just for Arnold Place, but for any of its affordable housing projects.
Interested market-rate buyers must attend an INHP lender options meeting.
How the subsidy works
INHP is able to sell some of the townhomes for less than they cost to build because of subsidies.
For a family of four, the subsidy could amount to about $150,000. The subsidy comes in the form of down payment assistance from various sources, including INHP and the Indianapolis African American Quality of Life Initiative, depending on the buyer.
But buying a home through the program is a long-term commitment.
If a buyer sells the townhome in the first 30 years — which is considered the “affordability period” — the buyer has to pay back the majority or even all of the subsidy.
The buyer retains the principal they pay down from the mortgage and any appreciation in the property while they live there.
How to learn more
You can watch an information session about the Arnold Place project.
You can also contact INHP’s director of housing strategy, Jeff Hasser, by email: jhasser@inhp.org.
Mirror Indy reporter Tyler Fenwick covers housing and labor. Contact him at 317-766-1406 or tyler.fenwick@mirrorindy.org. Follow him on X @ty_fenwick and Bluesky @tyfenwick.bsky.social.
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