Fort Wayne community fund gets $50M in federal tax credits
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A development fund in Fort Wayne is receiving $50 million worth of federal tax credits, Mayor Sharon Tucker announced this week.
The money is part of a U.S. Treasury Department New Markets Tax Credit program that awards $5 billion nationally to funds that promote economic progress in distressed communities. The money is going to the city of Fort Wayne’s New Markets Revitalization Fund.
In a written statement, Tucker said the tax credits will have a large impact on the city as future developments came online.
“As we work to provide an enhanced quality of life for all, the awarding of funds to our community through New Markets Tax Credits is a major win for us,” Tucker said. “This allocation positions our city and region for sustained growth and success.”
Tucker said the fund has received over $100 million in tax credits in its nearly 15 years of existence. The fund has supported numerous projects including Electric Works, The Landing, the Plassman Athletic Center at the Turnstone, the YWCA Hefner Center, the Harrison and others.
The fund will allocate the tax credits over the next 18 months. The city says a total of 196 community funds applied for federal funding and 104 received tax credits.