FORT WAYNE, Ind. (WANE) – Fort Wayne will receive $35 million in tax credits from the U.S. Treasury that is designed to spur investment in distressed areas, according to a media release from city officials Wednesday.
Projects benefitting from the money will be announced in the coming months, city officials said.
The money was given to the City of Fort Wayne New Markets Revitalization Fund in the form of New Markets Tax Credits, according to the city’s media release. This is the fifth time the city’s new markets revitalization fund has received such tax credits and the first time it has received these tax credits in consecutive years.
So far, the total tax credit allocation awarded to the Fort Wayne New Markets fund is at $183 million.
Past projects helped by the fund include The Harrison, the Plassman Athletic Center at Turnstone and the YWCA Hefner Center, city officials said.
“Community Development Entities like the Fort Wayne New Markets Revitalization Fund compete for limited allocations each year,” said Sharon Feasel, director of the fund, in the city’s media release.
“Having this economic development tool available supports growth opportunities that can benefit all of northeast Indiana,” Feasel continued.
The treasury awards these tax credits to Community Development Entities based on their history and future plans to deliver significant community impact through the sale of the credits to investors.
In turn, the proceeds from the sale provide equity to the projects to close financing gaps while transforming communities.
The new markets revitalization fund has helped fill financing gaps by leveraging additional investments from the private and public sectors in critical community facilities such as Byron Health Center, the Boys and Girls Club and The Rescue Mission, city officials said.
“I continue to be encouraged by the growth and success that our community is experiencing. To be awarded these important New Markets Tax Credits, through proactive and strategic work and leadership at the local level, speaks volumes that we’re moving forward in the right direction,” said Mayor Henry in the city’s media release.