City Receives Federal Funds for Distressed Neighborhoods

INDIANAPOLIS – At the State of the City address, Mayor Joe Hogsett announced that Indianapolis will receive $55 million in New Market Tax Credits from the U.S. Department of the Treasury. The New Market Tax Credits program uses tax credits to incentivize private investors who receive tax credits to use for equity in local projects in severely distressed census tracts.
With the combined 2015-2016 New Market Tax Credit allocation, the City helped finance construction of Herron High School at Riverside, the OrthoIndy Foundation YMCA in Pike Township, and the Phoenix Theatre, and funded the Grow Indianapolis Fund to provide loans to small businesses. The final major project from that round, the rehabilitation of the PR Mallory campus on the near eastside, will include two mayoral-sponsored charter schools along with several local businesses, bringing opportunity back to a site that once employed thousands at the height of an industrial economy.
“With these allocations, the city has funded some incredible projects that have proved to be truly transformational to positively impact the residents of our city that need it the most,” said Emily Mack the Director of Metropolitan Development. “The awarded tax credit allocations will finance future projects that will create jobs and provide critically needed goods and services.”