FORT WAYNE, Ind. (WOWO) – The City of Fort Wayne New Markets Revitalization Fund, LLC (FWNMRF) will receive $55 million in New Markets Tax Credits allocation authority.

This is the third time that FWNMRF has received funding; the first award of $15 million came in 2008, followed by a $33 million award in 2014.

The funding will support projects throughout Fort Wayne. Examples of previous projects supported by FWNMRF include The Harrison and the Plassman Athletic Center at Turnstone.

230 Community Development Entities applied for New Markets funding from the U.S. Treasury Department, but only 32 percent won an allocation.

“New Markets Tax Credits have played a significant role in key projects that have help revitalize and transform our community,” said Mayor Tom Henry in a press release. “This new allocation will allow us to continue our efforts to make Fort Wayne and northeast Indiana an exceptional place for all residents to live, work and play.”