Merchants Bank and RDOOR Housing Corporation today announce the completed renovation and expansion of Turtle Creek Apartments, a northwest Indianapolis complex serving a mix of households at or below 50-60% of the area median income. Championed by Merchants Bank and RDOOR’s housing advocacy, this revitalization was made possible through the state’s Affordable and Workforce Housing Tax Credit (AWHTC) and a finance team composed of Merchants Capital, BMO, and CREA.
Turtle Creek Apartments was the first property in Indiana to be awarded and close on funding through the AWHTC. This state-level incentive, combined with federal 4% Low-Income Housing Tax Credits and tax-exempt bonds, was created to help address challenges in securing capital for affordable housing development and renovation projects. The AWHTC program was greenlit for a five-year period through the Indiana Housing & Community Development Authority, supporting 20 developments across the state at this time.
RDOOR, the developer of Turtle Creek, leveraged financing to implement comprehensive upgrades to 262 existing units and the construction of 55 additional units. Located at 8253 Harcourt Rd, these modernized one-, two-, and three-bedroom apartments are adjacent to Ascension St. Vincent’s 86th street campus and only a short distance from retailers, including two full-service grocery stores, and other area businesses.
“By preserving Turtle Creek Apartments as affordable rental housing and expanding housing on-site, RDOOR helps to stabilize a diverse and economically mixed neighborhood, maintain access to critical services and employment, and protect housing opportunities for residents who contribute to the vitality of this community each day,” said Greg Stocking, RDOOR’s Chief Housing Officer.
In addition to greater affordability, supportive services are fundamental to community well-being. Through a partnership with Partners in Housing, Turtle Creek residents have access to an on-site service coordinator who works closely with local providers to deliver individualized behavioral health, employment, and life skills guidance that promotes long-term stability and success. The coordinator also develops a property-wide service accessibility plan, increases visibility of local programs, and promotes and organizes property events.
“Housing that is accessible, affordable, and safe provides the essential foundation for a fulfilling life,” said Michael F. Petrie, co-founder and chairman of Merchants Bank. “It is the haven where we start and end our day, set goals, achieve milestones, and build for the future. Thanks to the AWHTC and a range of housing organizations across the state, Hoosiers are able to rely on properties like Turtle Creek to meet this vital need.”
RDOOR and Merchants Bank celebrated the renovations and expansion with a ribbon-cutting ceremony on Wednesday, June 17, alongside Todd Huston, the Speaker of the Indiana House of Representatives, and Tom Pearson, Executive Director of Indiana Housing and Community Development Authority.
