September 15, 2022

Indianapolis seeks proposals for federal tax credit program

The Madam Walker Legacy Center was a previous participant in the New Market Tax Credit program.

The Madam Walker Legacy Center was a previous participant in the New Market Tax Credit program.

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.

Contact WFYI city government and policy reporter Jill Sheridan at jsheridan@wfyi.org. Follow on Twitter: @JillASheridan.

Support independent journalism today. You rely on WFYI to stay informed, and we depend on you to make our work possible. Donate to power our nonprofit reporting today. Give now.

 

Related News

How should Indianapolis update its parks? Here’s how to submit your ideas
Best use of West Washington improvements being studied
More ramp closures in place for the next two years