FORT WAYNE, Ind. (AP) — Fort Wayne will receive $33 million in federal funding for future development.
Mayor Tom Henry announced Wednesday the funding will come from the Treasury Department’s New Markets Tax Credits, which are intended to encourage economic development in low-income areas. The city will sell the tax credits to investors who can use them against their federal income taxes.
WOWO-AM and The News-Sentinel report the city used $15 million in New Markets Tax Credits in 2008 to close a financing gap for The Harrison mixed-used development in downtown Fort Wayne.
City officials say they don’t have any projects in mind yet for the new funding.
Fort Wayne was the only Indiana entity among 87 nationwide to win funding in the latest round of awards.