Fort Wayne continues to be recognized as a trusted partner to utilize tax credits to complete projects that have helped define our community as a growing and thriving place to live, work, and play.
The U.S. Treasury Department recently announced that the City of Fort Wayne New Markets Revitalization Fund, LLC (FWNMRF) will receive $50 million in New Markets Tax Credits allocation authority. This is the sixth time that FWNMRF has been awarded an allocation, bringing the total tax credit allocation awarded to Fort Wayne New Markets to $233 million and the third consecutive year FWNMRF has been awarded an allocation.
Examples of previous projects supported by FWNMRF include The Harrison, Plassman Athletic Center at Turnstone, the YWCA Hefner Center, Bridge of Grace Early Learning Center, and the renovation of the Ward Education Center for Neighborhood Health’s new southeast multipurpose health clinic.
The Landing and Electric Works attracted tax credit allocations from multiple national Community Development Entities in addition to FWNMRF. Also, FWNMRF 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.
The awarding of funds to our community is a major win for us. The allocation positions our city and region for sustained growth and success as we work together to provide unique projects and opportunities that will make a lasting difference.
Projects that could benefit from this new allocation will be announced in the coming months. The credits will likely be deployed over the next 18 months.