FORT WAYNE, Ind. (WANE) — A bill designed to spur on development of affordable housing in Fort Wayne will be presented to City Council next week.
The bill from Councilwoman Michelle Chambers aims to “modify the tax phase-in process for affordable housing development in Fort Wayne, incentivizing additional development of affordable housing units around the community,” according to a news release.
The bill would modify the city’s existing tax phase-in plan “to allow development outside of an economic development target area.” It would then provide 100% abatement for the first five years to “help to leverage investment and create more long-term relationships with affordable housing developers,” the news release said.
According to the news release, there are 38 units per every 100 extremely low-income renter families available in Indiana.
“Fort Wayne has a lack of affordable housing,” said Chambers. “There are developers that are eager to build in the Fort Wayne area, but are unable to because of our current incentive packages, which prioritizes development within an economic development target area. The bill being introduced Tuesday will allow maximum tax phase-in incentives to any affordable housing project applying for and meeting the requirements of the Low Income Housing Tax Credit program, regardless of location. This will allow the City of Fort Wayne to better partner with local developers to provide complete access to community resources such as schools and employment.”
The bill will be introduced at City Council Tuesday night. Here’s the full bill:
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