The Indiana Housing and Community Development Authority announces that the Randall Lofts apartments in downtown Fort Wayne will receive nearly $675,000 annually for 10 years in rental housing tax credits.

Carmel-based RealAmerica Development plans to convert the historic building at 616 S. Harrison St. into one and two bedroom apartments.

“This is good news for downtown Fort Wayne,” said Heather Presley-Cowen, deputy director of the Office of Housing and Neighborhood Services. “This is yet another development that will contribute to the revitalization of the area, bringing residents downtown to live and shop.”

Renovation of the building is estimated to cost $7.5 million with the City of Fort Wayne contributing $600,000. Construction is expected to begin in late summer or early fall.