Fort Wayne lands $35M in federal tax credits for community development
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A recent award of federal tax credits could help spur new development in Fort Wayne.
The city announced Wednesday that its Fort Wayne New Markets Revitalization Fund has been selected to receive $35 million in credits from the U.S. Department of the Treasury.
The Fort Wayne fund was among 200 community development entities to apply for the federal support issued to help support investment in economically distressed entities. The tax credits are awarded based on applicants’ history and vision for working with investors to transform communities. The credits, sold to investors, provide equity to help close financing gaps on proposed projects.
Fort Wayne city leaders said in a press release that the city was among 102 awarded the credits. This is the fifth time the city has been selected in the program — bringing the federal government’s total new market credit investment in Fort Wayne to $183 million — and the first in consecutive years.
“I continue to be encouraged by the growth and success that our community is experiencing,” Fort Wayne Mayor Tom Henry said. “To be awarded these important New Markets Tax Credits, through proactive and strategic work and leadership at the local level, speaks volumes that we’re moving forward in the right direction.”
Previous Fort Wayne projects funded through the city’s new market fund include The Harrison, the Plassman Athletic Center at Turnstone and the YWCA Hefner Center. Additional projects receiving partial funding from the fund include the Byron Health Center, the Boys and Girls Clubs and The Rescue Mission.
“Community Development Entities like the Fort Wayne New Markets Revitalization Fund compete for limited allocations each year,” Fort Wayne News Markets Revitalization Fund Director Sharon Feasel said in the news release. “Having this economic development tool available supports growth opportunities that can benefit all of northeast Indiana.”
Leaders of the Fort Wayne fund say they expect to allocate tax credits over the next 18 months with supported projects to be announced in the future.