Randall Lofts Make Living Downtown Affordable (NBC33 VIDEO)

By Eric DeFreeuw - NBC33

October 28, 2013 Updated Oct 28, 2013 at 6:36 PM EDT

FORT WAYNE, Ind. (NBC33) - It is hardly a secret, but downtown Fort Wayne is buzzing. Not only are businesses seemingly popping up everywhere, but more importantly housing and rental properties are filling up, too.

In fact, one of the soon-to-be completed rental projects, Randall Lofts, already has a waiting list. And they are not alone.

A huge reason for that is the big tax credits Randall Lofts received from the state that not only make the $7-point-5 million dollar renovation possible, it makes living there affordable.

"The beauty of a tool like the tax credits that are being used in Randall Lofts is that it creates something like a rent control,” says Heather Presley-Cowen, the Deputy Director of Community Development. ”Those rents can't float up significantly over time because of the types of financing that's going in where other apartments may become completely inaccessible because of price to some young professionals and others."

Rent at the Randall Lofts is expected to be between $300 and $800 once the units open next year.

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