Press Release of Senator Lugar Fort Wayne New Markets Revitalization Fund Receives $15,000,000 in Federal Funds Tuesday, October 21, 2008 U.S. Sen. Dick Lugar was notified today that the Fort Wayne New Markets Revitalization Fund was awarded a New Markets Tax Credit (NMTC) of $15,000,000.  The NMTC Program is administered by the U.S. Department of the Treasury's Community Development Financial Institutions (CDFI) Fund.   The funding for this project will be used to serve the City of Fort Wayne. The Community Development Entities (CDEs) will deploy NMTCs through a targeted neighborhood strategy, focusing on commercial and civic development corridors. The primary uses of the funds are targeted at retail/service developments and community facilities, which support the sustainability of the existing residential neighborhoods through job opportunities and expanded services. With its NMTC allocation, the Fort Wayne CDE will be able to offer a passive real estate equity product that is not currently available in the marketplace.   “As a former mayor, I recognize the value of federal programs that assist in community economic development initiatives,” said Lugar.  “I congratulate the City of Fort Wayne on receiving these funds which will support local activities.”   Questions regarding the federal grants application process may be directed to Andrew Mills, Grants Coordinator for Senator Lugar, by phone at 202-224-4814 or by email at grants@lugar.senate.gov.   ###