FORT WAYNE, Ind. (WOWO) — Fort Wayne has been awarded $50 million in New Markets Tax Credits from the U.S. Treasury Department, a designation expected to generate roughly $10 million in investment for economic development projects across the region.
Mayor Sharon Tucker announced the award Tuesday, saying the funding will help support job creation, workforce training, housing and health care initiatives in low-income communities.
“Our community and region continue to be recognized as destination places to invest in for job growth, training, economic development opportunities, housing, and healthcare,” said Mayor Tucker. “We’ve seen a lot of success through the New Markets Tax Credits effort, and I’m encouraged by what will be possible in the future with this latest award.”
The allocation was awarded to the Fort Wayne New Markets Revitalization Fund, a city-sponsored community development entity. It marks the seventh time the organization has received New Markets Tax Credit authority and the fourth consecutive year it has secured funding. With the latest award, the total allocation awarded to Fort Wayne New Markets now stands at $283 million.
Community development entities compete annually for the tax credit allocations, which are sold to investors to raise capital for qualifying projects. Past projects supported by the Fort Wayne fund include The Landing redevelopment in downtown Fort Wayne, the Marshall County Career Innovation Center in Plymouth, the YMCA Community Center in Muncie, APackaging in Defiance, Ohio, and Vincent Village Homeless Shelter in southeast Fort Wayne.
A more recent project is the Neighborhood Health Oxford Neighborhood Center, located at 3501 Warsaw St. in southeast Fort Wayne. The facility operates in the former Ward Elementary School and provides affordable health care services to area residents.
FWNMRF’s service area includes Indiana and Ohio, allowing projects outside Fort Wayne to qualify for funding. Officials said the service area could expand to additional neighboring states in the future.
The New Markets Tax Credit Program was established by Congress in 2000 to encourage private investment in low-income communities. The program targets projects related to job training and education, small business expansion, domestic manufacturing, affordable housing and essential community health infrastructure.
