A call is out for organizations to submit proposals to receive federal tax credits to rejuvenative development in Marion County.
The New Market Tax Credit program prioritizes projects that help disinvested communities through development. Awarded organizations receive federal tax credits for projects. The projects usually focus on low-income communities and help increase employment, education or improve neighborhood identity.
Examples in Indianapolis include the Madam Walker Legacy Center, 16 Tech and Recycle Force.
The Department of Metropolitan Development leads efforts to drive the community investment tool through a designated Community Development Entity. Since 2010 Indianapolis has awarded 142 million dollars in New Market Tax Credits.
The Request for Information is out and new New Markets Tax Credit proposals are due on October 14. DMD will host an information session for project teams interested in applying for economic incentives.