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The project would occupy a vacant 1.5-acre parcel next to the former LoBill grocery store that is now home to the Marion County Board of Elections headquarters.
The Metropolitan Development Commission recently voted to approve the purchase of the Drake, a 1920s apartment building.
City leaders are purchasing about 100 properties to support an affordable housing program called "Vacant to Vibrant."
A new program aims to address the shortage of affordable housing in Indianapolis with $4.5 million in federal American Rescue Plan money.
The city's latest effort aims to combat displacement in historically disinvested neighborhoods and boost declining Black homeownership rates.