Good luck. Condos in particular simply cannot be priced at an affordable level due to a number of constraints: land value is higher, carrying costs are HUGE while the developer seeks approvals, lots of NIMBYs downtown fight density even though that is the best way to keep the per unit costs down, most developments have to get variances in order to meet Indy's extremely suburban-friendly zoning stipulations...the list goes on. Among the few places I can think of that are reasonably affordable (which I read about on another forum) are The Shelton
condominiums which should be opening before too long. Then again, after the big real estate bust, a number of places are asking for a lot less.
Last I heard, apartments in downtown Indy were at nearly 98% occupancy, so the landlords really get to call the shots. Still, there are more affordable options in the older aparmtent complexes that haven't been renovated recently. As for new construction, I think the 707 North Street Condos were converted to apartments with some moderate-income options after the market crashed. They're now called 707 North but the website still shows condos. Check out the Facebook page
which I think is a more accurate representation of what they're going to offer.