Randall Lofts Honored For Innovative Financing

Dec 1, 2015

Credit Zach Bernard/WBOI News

An Indiana development company is earning national acclaim for one of its apartment properties located in downtown Fort Wayne.

Indiana’s RealAmerica Development Company is receiving the 2016 Development of Distinction award for their work on Randall Lofts, which is located on Harrison Street near The Landing.

This accolade is given to development companies that use the low-income housing tax credit in unique and innovative ways.

RealAmerica runs 20 different housing and commercial properties across the state, nine of which are located in Fort Wayne.

Vice President of Development Jeff Ryan says Randall Lofts was different than its other development projects because of its age.

“It needed a lot of work,” said Ryan. “And so we combined historic tax credits with the rental housing tax credits in a way that gave us more equity to be able to rehab the building and be able to put more money into it.”

Ryan says the property serves mixed income-earners by providing affordable housing to individuals making between $12,000 and $30,000 annually.

Randall Lofts is the only Midwest property to be honored with the award, which will be presented to RealAmerica on January 7 at the Novogradac 2016 Tax Credit Housing Developers Conference.