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City of Fort Wayne withdraws support of tax credit rent-to-own housing project

CITY OF FORT WAYNE WITHDRAWS SUPPORT OF TAX CREDIT RENT-TO-OWN HOUSING PROJECT

Initially, the city of Fort Wayne supported the proposed development because it:

1.    Promised to invest nearly $9 million and  add 50 additional new housing units to an area where the City has already invested more than $4M in infrastructure improvements;

2.    Would serve families earning moderate incomes who desire to live in Renaissance Pointe, but are not currently or are no longer bankable during this credit crunch;


3.    Would add momentum to the community'€™s effort to increase retail and commercial development with an addition of 50 roof tops, which are needed in order to attract this type of development;

4.    Would broaden the range of incomes for an area with a median income of $17K, by targeting moderate income families earning approximately $30-$40K per year

Mayor Tom Henry said, “We have heard the community'€™s outcry and feel its concerns are valid, that this developer has yet to engage the neighborhood in meaningful and productive dialogue that could lead to support for the project, and so we will be notifying the state that we no longer support this project at this location.”

Community Development deputy director Heather Presley added, “Neighborhoods play in integral part in defining the success of developments such as these and in this case the community has communicated that it feels its concerns have neither been heard, nor addressed. “

Presley said the City is sending an amendment to its prior support to the State indicating the withdrawal of support for this project.

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