All 66 lease-to-own units in Renaissance Pointe leased

FORT WAYNE, Ind. (WANE) - All 66 units in the Renaissance Pointe community on Weisser Park Avenue have been leased.

Mayor Tom Henry and Kevan Biggs, president of Biggs TC Development, celebrated with a ribbon cutting ceremony on Friday morning.

“This has been a collaborative, public-private partnership that has taken into account the needs of residents, the neighborhood, the private sector and the entire city. I am not aware of a similar effort anywhere in the state; this is a one-of-a-kind neighborhood," Biggs said.

The construction on the lease-to-own homes began in the fall of 2011. It was an $11 million initiative funded by private investment, state low-income housing tax credits, and Fort Wayne federal housing dollars.

The homes were built on vacant lots along John Street, Gay Street, and Weisser Park Avenue. Each home includes a front porch, attached garage, and the choice of three or four bedrooms.

New water and sewer lines and taps, street lights, sidewalks and signs were installed, along with a trail that runs throughout the neighborhood.

"People are moving to this beautiful neighborhood and helping raise property values and property tax revenue. It’s a win-win for everyone," John Urbahns, division director of Community Development, said.

Biggs said the project is a sort of “homeownership incubator” for families who want to live in the Renaissance Pointe community, but whose credit condition or other circumstances make home ownership difficult.

After 15 years of leasing, families will have the option to purchase the home at a reduced cost.