The City of Fort Wayne is receiving $55 Million in tax credits to help revitalize and transform the community.
The City of Fort Wayne New Markets Revitalization Fund, LLC is one of 73 community development entities to win an allocation of New Markets funding from the U.S. Treasury Department. This is the third time the city has been awarded an allocation. The city said this funding played a significant role in key projects to help revitalize the community.
“This new allocation will allow us to continue our efforts to make Fort Wayne and northeast Indiana an exceptional place for all residents to live, work and play,” Mayor Tom Henry said.
Fort Wayne used previous New Markets funding to support The Harrison and the Plassman Athletic Center at Turnstone. The Landing attracted tax credit allocations from two national CDEs in addition to the revitalization fund. In all cases, New Markets Tax Credits leveraged additional investments from the private and public sectors and helped fill a financing gap.
Fort Wayne New Markets Revitalization Fund, LLC is looking to deploy the tax credits over the next two years and already has a list of projects that could be considered.