Merchants Affordable Housing Corp. (MAHC) began in 1987 as Kenwood Place, Inc. to develop a 74 unit 202-Section 8 elderly housing project located in downtown Indianapolis. In 1991, MAHC developed another 23 units of elderly housing next door to Kenwood Place. In 2010, MAHC added 262 units known as Turtle Creek, a large multi-family property located on the north side of Indianapolis. In 2011, MAHC become the sole member of Braeburn Village on the east side adding 402 units of affordable housing that include many types of apartments.
In 2013, MAHC hired its first Executive Director, Janine Betsey, and also began construction on Merici Village Apartments. Merici Village is 20 individual living units specifically targeted to developmentally disabled adults. In June 2015, MAHC completed the first of two major transactions purchasing 501 units in 10 different apartment buildings formerly part of one of the last downtown Indianapolis portfolios of affordable housing. Four of the buildings, known as Northside Flats, have been rehabbed using 4% LIHTC tax credits, while plans are being developed for the remaining buildings known as Mid-Town Flats, LLC.
Housing Units in indiana
The current portfolio of Merchants Affordable Housing Corp. consists of 2138 units and provides various types of affordable housing. These properties help us continue to further our mission of creating stable, vibrant and healthy communities by developing or acquiring affordable rental housing properties. It is our goal to use our resources and expertise to build or acquire and upgrade multifamily rental properties so that residents who lack the economic resources to access quality rental housing opportunities have a clean, safe environment in which to live.
In order to continue to provide opportunities for high quality affordable housing and grow asset management fees to help with long term sustainability, MAHC needs to continue to grow and improve its portfolio. The approach includes identifying apartment rehab or new construction opportunities in neighborhoods that allow MAHC to enhance and preserve the affordable housing.
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