The National Trust Community Investment Corporation (NTCIC) announced the successful financial closing for the first phase of the redevelopment of the historic General Electric (GE) factory complex in Fort Wayne, IN. The $286 million revitalization will transform the former industrial campus into Electric Works, a lively 730,000+ square-foot innovation district, the NTIC said. NTCIC said it provided critical capital sources for the project, including $35.7 million in federal Historic Tax Credit (HTC) equity and $12.5 million in New Markets Tax Credit Allocation. This represents NTCIC’s largest HTC investment in company history, it said.
“Electric Works exemplifies the type of historic revitalization initiatives that NTCIC finances through federal community development incentives like the HTC and NMTC,” said NTCIC President Merrill Hoopengardner. “Our capital will enable the redevelopment of an iconic historic
