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Leveraging Urban Redevelopment through State and Federal Funding Sources
Activity Code: S366
Date: Monday, April 15
This student project focused on a distressed neighborhood in Muncie Indiana and, through the application of traditional and unique government funding sources, was able to produce a model for combating urban decay in rust-belt cities across the country. The final project is the result of a semester’s worth of in-depth research, analysis and decision making by a small team of students which culminated in a presentation to the Mayor of Muncie. The project utilized a number of funding sources such as New Market Tax Credits (NMTC), Low-Income Housing Tax Credits (LIHTC) and, unique to Indiana, Housing Tax Increment Financing (HoTIF) by establishing a fictional HoTIF district on the project site. Beyond simply finding funding sources, the project also planned a development which targeted an area of need in Muncie—the McKinley-Gilbert Neighborhood. The student plan focuses on fitting into Muncie’s growth goals as established in the City’s existing comprehensive plan while maintaining the character of the neighborhood and surrounding areas. Upon completion, the students found the project to be not only financially feasible, but politically feasible as it garnered a great deal of local support.