Wayne County gets $27M in federal tax credits.

Wayne County, Michigan has qualified for $27 million in federal tax credits to encourage private investment in economically distressed areas. The program is to provide New Market Tax Credits over seven years in 17 Wayne County communities, including Detroit, Highland Park and Hamtramck, Wayne County executive Robert Ficano announced on May 7. Both low-interest loans and equity investments will be available to finance projects that might not otherwise be undertaken, he said. An agency called the Wayne County-Detroit Community Development Entity Inc. was formed by the city, county and banks to make the money available, Ficano said.