The Lieutenant Governor’s Office today announced the recipients of 2016 Low-Income Housing Tax Credits, and Fort Wayne Mayor Tom Henry is pleased to announce that the Coca-Cola Building project is a recipient of one of the allocations.
The HANDS Board and Mayor Henry gave their enthusiastic approval to the project proposal that was submitted to the State by Miller Valentine (developer), Vincent Village (the local non-profit partnering in the development) and Martin Riley Architects and Engineers. The City of Fort Wayne owns the historic Coca-Cola Building, located in Renaissance Pointe, 1631 E. Pontiac St., and scattered sites within the nearby neighborhood.
Highlights of the $13.4 million project include:
• Historic rehabilitation of the Coca-Cola Building, returning it to its original appearance
• New construction of 31 single-family lease-to-purchase homes in the nearby neighborhood
• A total of 62 living units: 31 in the Coca-Cola Building and 31 new homes
• Affordable Housing Units rented to individuals of varying incomes, earning anywhere from 30% to 60% of the Area Median Income
• Amenities including: on-site management, community room, business center, theater, fitness center, gallery area, one garage space per unit, outdoor shelter, indoor and outdoor playground
• Supportive services, such as job readiness, provided by Vincent Village and other non-profits
• Construction expected to begin January 2017 and be complete by spring 2018
The total tax credit amount awarded to the development team is approximately $11 million over ten years. The City of Fort Wayne will contribute $250,000 in Federal HOME funds to the project and will sell the Coca-Cola Building and property for the scattered site homes to the developer for $80,000 (a $243,000 discount). In addition, a tax abatement is expected to be granted by the City.
This latest development complements hundreds of millions of dollars invested by the private sector, City government, non-profits and government agencies into the Renaissance Pointe neighborhood. Some of the improvements include new utility lines, sidewalks, a trail, the renovation of former Fire Station #9 into the Renaissance Pointe Urban Farm and Community Center, the 66 lease-to-purchase homes built and managed by Ideal Builders, as well as a new library branch, YMCA and Urban League offices.
Background Information from Lt. Governor's Office:
Lt. Governor Sue Ellspermann announced today that the state is awarding more than $14.3 million in rental housing tax credits to 18 multi-family housing developments throughout Indiana. Project activities include new construction, rehabilitation, adaptive reuse (conversion of existing structures), and the preservation of historic buildings funded through the Internal Revenue Service Section 42 Rental Housing Tax Credit (RHTC) program.
IHCDA administers and manages the federal credits, which provide incentives for private developers to further the affordable housing choices available throughout Indiana. The 2016 RHTC allocation totaling $14.3 million will fund over 800 housing units. With fifty applications received in November 2015 requesting just under $42.4 million in federal rental housing tax credits and $16.1 million in supplemental IHCDA funding, the RHTC program is highly competitive.