FORT WAYNE, Ind. (WOWO): The old building that was once the Fort Wayne Bible College and was also a part of Taylor University's campus on W. Rudisill Boulevard will have a new purpose.

That's thanks to an $8 million initiative to bring artists and entrepreneurs to the area. According to the News Sentinel, “Enterprise Pointe” would provide a place to live and re-purpose the former Taylor University building.

The building would also provide residents a place to start their business in downtown Fort Wayne, and include some commercial space, and a gallery, to display items for sale.

The apartments are limited to residents earning between 30 and 60 percent of the median local income, and is also sponsored by Brightpoint-  an affordable housing operation that serves almost 32,000 people.