Affordable housing development to open in Muncie
Indianapolis-based developer TWG will mark the grand opening of a $12 million affordable housing complex in Muncie on Tuesday. Riverbed Flats is a three-story, 60-unit development at a former Marsh and Family Dollar site.
TWG says the two- and three-bedroom apartments will be reserved for residents earning up to 60% of the area median income. Riverbend Flats, located at 3508 East Memorial Drive, is the developer’s first project in Muncie.
When the project was first announced in January 2022, TWG Development Director Travis Vencel said the city was in need of more affordable housing, and the project would “provide opportunities for these residents to thrive.”
The developer said the project was made possible through low-income housing tax credits (LIHTC) from the Indiana Housing and Community Development Authority, as well as support from the city.
Officials from TWG will join Muncie Mayor Dan Ridenour, State Rep. Sue Errington, D-Muncie, and officials from the Muncie Mission and IHCDA for the grand opening ceremony, which is slated to begin at 10 a.m. on Tuesday.