$70M in Tax Credits to Support Low-Income Areas

Posted: Updated:
The Harrison has been supported by tax credits from the program in the past. The Harrison has been supported by tax credits from the program in the past.

Two organizations in Indiana have been awarded a total of $70 million in tax credits designed to boost investment and growth in low-income urban and rural communities. The U.S. Department of the Treasury has named Fort Wayne New Markets Revitalization Fund LLC a $55 million recipient and French Lick Redevelopment CDE LLC in Paoli a $15 million recipient of credit authority through the Community Development Financial Institutions Fund. FWNMRF Director Sharon Feasel says the credits will be used to attract private investment in parts of the city and region that may not otherwise receive it.

Feasel tells Inside INdiana Business, the credits could support a "long pipeline" of potential projects in Fort Wayne and beyond. "All would be valuable to the community. There's a pretty good mix of different projects. We haven't really started to commit anything yet. We're still trying to decide the strategy for deployment of these tax credits," she said.

The footprint of potential projects mirrors that of the Northeast Indiana Regional Development Authority, which was created as a result of the statewide Regional Cities Initiative. Feasel says projects totaling $6 million inside and outside of Allen County will be the most likely targets of support. "One of the challenges is -- because of the complexity of the structuring: selling the tax credits, the investors, the leveraging of that equity investment -- it gets kind of complicated and there's diminishing returns to smaller projects," she said.

Prior to this year, 29 entities throughout the state have been awarded tax allocations from the federal program ranging from $6,000 to $55 million. French Lick Redevelopment CDE was awarded $45 million in 2016 and $50 million in 2009. FWNMRF received $33 million in 2014 and $15 million in 2008. Feasel says previous projects in Fort Wayne helped by the tax credits include The Harrison, market-rate apartments next to Parkview Field downtown, and the Turnstone Plassman Athletic Center, where athletes with physical disabilities train.

You can connect to the full list of 2018 recipients by clicking here.

Fort Wayne New Markets Revitalization Fund LLC Director Sharon Feasel tells Inside INdiana Business, the credits could support a "long pipeline" of potential projects in Fort Wayne and beyond.
  • Perspectives

    • Hope is Not a Plan

      This is sobering. A local business broker in Indianapolis reports nine out of 10 business owners who want to sell are turned away. Of the one in 10 that does make it past the first analysis to sell, over half of those company owners don’t get the sale price they hope for or believe the business is worth. Bottom line, hope is not a plan if you want to sell your business.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • Brooke's Candy Refocuses, Will Close Terre Haute Shop

      Dana-based Brooke's Candy Co. says it will close its downtown Terre Haute retail shop June 1. The location opened less than two years ago and is the company's second storefront. In a message on Facebook, Brooke's Candy Co. says the decision will allow it to focus on the Brooke's Naturals line, which includes cookie, brownie, cake and bread mixes. The company calls it a tough decision, saying...

    • Photo courtesy of Indianapolis Motor Speedway

      Red Bull to Discontinue Air Race World Championship

      The Red Bull Air Race at the Indianapolis Motor Speedway, originally scheduled for October, has been canceled as a result of Red Bull's decision to discontinue the Air Race World Championship following the 2019 season. The company says the races scheduled between June and September in Russia, Hungary and Japan will run as planned. 

    • Purdue Honors Patent Recipients

      The Purdue Research Foundation has honored nearly 80 Purdue faculty and staff members for patents earned in the 2014-2015 academic year. The organization also named biomedical engineering professor Sherry Harbin the winner of its 2015 Outstanding Commercialization Award.
    • New Owner Combines AIT Labs, Texas Company

      Indianapolis-based AIT Laboratories Inc. has merged with an out-of-state company. The combined business, called AIT Laboratories, a HealthTrackRx company, will be headquartered in Texas. HealthTrackRx currently operates a toxicology lab in Denton, which is outside of Dallas. Ancor Capital Partners is the private equity firm that owns the company. It says AIT's GuideMed narcotics prescription clinical support program will be based in Indianapolis.

    • Protecting Seniors From Fraud

      Anyone of any age can get scammed, but seniors make the easiest targets. Each year they lose billions of dollars to scam artists, friends, and too often, family members. Knowing the facts and how to react when a fraudster comes calling can reduce the likelihood of being victimized. Here's a scenario that's becoming all too common...