Organization: Fort Wayne New Markets Revitalization Fund, LLC (FWNMRF)

Award: FWNMRF received a $35 million allocation in New Markets Tax Credits (NMTC) from the U.S. Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund.

Background:

• History of Awards: This is the fifth time FWNMRF has received an NMTC allocation, bringing the total to $183 million. It is also the first time they have been awarded in consecutive years.
• Mission: FWNMRF aims to spur investment in economically distressed areas within Fort Wayne and Northeast Indiana by providing equity to close financing gaps in critical community development projects.

Impact:

• Previous Projects: The NMTC allocations have funded significant projects, including:
  • The Harrison: A mixed-use development in downtown Fort Wayne.
  • Plassman Athletic Center at Turnstone: A facility providing sports and recreation programs for people with disabilities.
  • YWCA Hefner Center: A facility offering comprehensive support services for women and children.
  • Byron Health Center: A long-term care facility.
  • Boys and Girls Club: Youth development centers providing various programs.
  • The Rescue Mission: A shelter and support services for the homeless.

Future Plans:

• Allocation of New Funds: The newly awarded $35 million will be deployed over the next 18 months. Specific projects benefiting from this allocation will be announced in the coming months.
• Focus Areas: The fund will continue to target projects that have significant community impacts, such as healthcare facilities, educational institutions, and infrastructure improvements that benefit low-income communities.

Quotes from Officials:

• Mayor Tom Henry: “I continue to be encouraged by the growth and success that our community is experiencing. To be awarded these important New Markets Tax Credits, through proactive and strategic work and leadership at the local level, speaks volumes that we’re moving forward in the right direction.”
• Sharon Feasel, Director of FWNMRF: “Having this economic development tool available supports growth opportunities that can benefit all of Northeast Indiana. Back-to-back allocation awards is a testament that we’re doing a good job selecting important projects to fund and efficiently deploying the tax credit authority entrusted to our organization. We intend to continue that tradition with this allocation award.”

Significance: The NMTC program allows FWNMRF to attract private investment to critical projects that might not otherwise receive funding, helping to revitalize economically distressed areas and improve the quality of life for residents in Fort Wayne and the surrounding region.