Randall Lofts receives millions of dollars in tax credits to build apartments

FORT WAYNE, Ind. (WANE) - The city of Fort Wayne may soon have more affordable apartments downtown. The Indiana Housing and Community Development announced the city will get $675,000 annually for 10 years in rental housing tax credits.

“This is good news for downtown Fort Wayne,” said Heather Presley-Cowen, deputy director of the Office of Housing and Neighborhood Services. “This is yet another development that will contribute to the revitalization of the area, bringing residents downtown to live and shop.”

The historic building is located at 616 S. Harrison. RealAmerica Development, LLC will renovate the building into one and two bedroom apartments, 44 in all. The lower level will be used for shops.

The majority of the units will rent to individuals earning at 60 percent or less of the Area Median Income. Rent will range between $350 and $850 a month. Presley-Cowen said there's a need for living downtown.

"Conservatively, we could absorb 180 units per year, and over the past, say three years, we're put in 130 units over the whole three years," she said. "We still have room to grow."

The renovation of the building is estimated to cost $7.5 million. The city of Fort Wayne will contribute $600,000 from the federal Neighborhood Stabilization Program.

Construction is expected to begin in late summer or early fall.

The city also tried to get housing tax credits to renovate the Eden Green Apartments and the old Coca Cola building on the city's southeast side, but didn't get it. The city says one out of three projects gets funded through the Indiana Housing and Community Development.

The Indiana Housing and Community Development awarded $14 million in rental tax credits to 20 housing developments throughout Indiana.