Indy's Turtle Creek Apartments Debut Major Affordable Expansion

Indy’s Turtle Creek Apartments Debut Major Affordable Expansion

A group of 7 people, including 4 men and 3 women, standing together and holding a large ribbon in front of a green wall with white and green balloons. — Source: NA / David Ryan

INDIANAPOLIS — Merchants Bank and RDOOR Housing Corporation officially marked the completion of a renovation and expansion at the Turtle Creek Apartments—the very first property in the state to be awarded and close on funding through Indiana’s Affordable and Workforce Housing Tax Credit (AWHTC).

Located at 8253 Harcourt Road, the freshly modernized complex sits in a prime location. It is directly adjacent to the Ascension St. Vincent 86th Street campus and just minutes away from local businesses and two full-service grocery stores.

The extensive revitalization project not only upgraded 262 existing units but also constructed 55 brand-new apartments. The one-, two-, and three-bedroom spaces are specifically reserved for households earning at or below 50 to 60 percent of the area’s median income.

“By preserving Turtle Creek Apartments as affordable rental housing and expanding housing on-site, RDOOR helps to stabilize a diverse and economically mixed neighborhood,” said Greg Stocking, RDOOR’s Chief Housing Officer. Stocking emphasized that the project protects long-term opportunities for the residents who contribute to the community’s daily vitality.

The project serves as a successful proof-of-concept for the AWHTC. The state-level incentive was paired with federal 4% Low-Income Housing Tax Credits and tax-exempt bonds to bridge critical capital gaps that frequently stall affordable housing developments. Greenlit for a five-year period through the Indiana Housing & Community Development Authority (IHCDA), the AWHTC program is currently supporting 20 developments across Indiana.

To make the Turtle Creek transformation a reality, Merchants Bank and RDOOR coordinated a robust finance team that included Merchants Capital, BMO, and CREA.

“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. “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.”

The upgrades at Turtle Creek extend beyond new paint and modern floor plans. Recognizing that true community well-being requires more than brick and mortar, the developers partnered with Partners in Housing to bring a dedicated, on-site service coordinator to the property.

Residents now have direct access to individualized guidance for behavioral health, employment, and life skills. The coordinator is tasked with creating a property-wide service accessibility plan, increasing the visibility of local assistance programs, and organizing community events to foster long-term stability and success.

The ribbon-cutting ceremony took place on Wednesday, June 17, drawing prominent state leaders, including Indiana House Speaker Todd Huston and IHCDA Executive Director Tom Pearson. The event marked the official opening of a facility designed to provide safe, stable, and affordable havens where Hoosier families can build for the future.