National Trust Community Investment Corporation’s Post

NTCIC's NMTC Allocation: Supporting Strategic Historic Rehabilitation NTCIC uses its NMTC allocation to offer debt products to real estate projects that rehabilitate strategic historic properties in Severely Distressed communities. These projects will provide direct benefits to low-income persons and locally-owned small businesses. Learn more about how our NMTC allocation supports community development and historic preservation: https://lnkd.in/dibgWcUn #nmtc

Development Spotlight: Packing House Phase II The historic Phillips Packing Company in Cambridge, MD, continues its legacy with the Packing House Phase II. This $10 million project, led by Cross Street Partners and supported by a $5 million New Markets Tax Credit allocation from NTCIC, transforms the factory into a LEED Gold hub for innovation and workforce development. “This building’s transformation is not merely about preservation; it’s about redefining its role in our community’s future,” states Bill Struever, Lead Developer of Cross Street Partners. “Thanks to NTCIC’s support and New Markets Tax Credit allocation, we are setting a new course for the Packing House as a center of innovation and community engagement.” Learn more about Packing House Phase II: https://lnkd.in/ddsUnq8v

Project Spotlight: CARITAS Center With strategic financing from NTCIC, the once-vacant Philip Morris Blended Leaf Complex in downtown Richmond, Virginia, transforms into the new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS). This historic site, originally constructed in the late 1950s and listed on the National Register of Historic Places in 2017, now serves as a crucial hub for support and recovery for individuals experiencing homelessness and battling addiction or substance use disorders By consolidating CARITAS’s programs under one roof, the organization saves hundreds of thousands annually—funds that support new and existing services. This project also brings 57 permanent full-time jobs, with 14 directly created by this expansion. Around 70% of these positions will be accessible to Low-Income Persons (LIPs) or residents of Low-Income Communities (LICs). Explore the details of this impactful project and its community benefits: https://lnkd.in/evrCKVKr

Understanding NMTC Eligibility Unlike Historic Tax Credits (HTC), NMTC eligibility is based on location, need, and use. For a project to qualify as a Qualified Active Low-Income Community Business (QALICB), it must be located in and serve a low-income community (LIC) and face investment challenges. Learn how your project can benefit from NMTCs and support under-resourced communities. https://lnkd.in/dibgWcUn #nmtc

Determining NMTC Eligibility: What Locations Qualify for New Markets Tax Credits? To be eligible for New Markets Tax Credits (NMTCs), a project must be located in a qualified census tract that meets the definition of a Low-Income Community (LIC). NTCIC prioritizes eligible projects located in what are called "severely distressed census tracts." These communities have some of the highest poverty rates and some of the lowest area median incomes in the country. Our goal is to bring capital to high-impact projects that will aid in uplifting these historically underresourced communities. Find out if your project is in an NMTC-eligible census tract: https://lnkd.in/dAtCrrgb Learn more about how NTCIC supports projects in eligible locations: https://lnkd.in/dibgWcUn #nmtc

That's a wrap on this year's IPED Historic Tax Credit conference! Thanks again for inviting NTCIC Project Manager Tony Maruca and National Trust for Historic Preservation's Renee Kuhlman to lend their expertise on all things state Historic Tax Credits! Garrett Dickerson, NTCIC's Open Access fellow, was lending his voice to advocacy efforts with Michael Phillips, Forrest Milder, and Kelly Humrichouser, and got a chance to speak with Representative Blumenauer, in incredible #HistoricTaxCredit champion.

Project Spotlight: CARITAS Center Thanks to strategic financing from NTCIC, the once-vacant Philip Morris Blended Leaf Complex in downtown Richmond, Virginia, has been transformed into the vibrant new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS). This site now serves as a crucial hub for support and recovery for individuals experiencing homelessness and battling addiction or substance use disorders. The consolidation of CARITAS’s programs at this location will save over $350,000 annually, funds which it can use to further develop new and existing services. CARITAS anticipates 57 permanent full-time positions, 14 of which are directly attributed to this project's expansion. About 70% of these new opportunities will be accessible to Low-Income Persons (LIPs) or residents of Low-Income Communities (LICs). Explore the journey of this remarkable transformation and its profound impact on the community: https://lnkd.in/evrCKVKr

NTCIC is proud to highlight two of our projects, Nine Orchard and Downtown LA Proper, which have been recognized among the “Most Stylish Hotels on the Planet” by GQ. Nine Orchard is a gem in the heart of New York, known for its unique atmosphere shaped by music from top DJs. Downtown LA Proper offers a slice of design heaven with its vibrant decor and stunning downtown views, making every visit memorable. These projects demonstrate how strategic investments can breathe new life into historic properties and communities. Supported by NTCIC's financing through federal and state historic tax credits, these projects showcase our commitment to revitalizing historical sites and enhancing communities. Explore GQ's list here: https://lnkd.in/gdxajjtw Learn more about our Nine Orchard project in New York: https://lnkd.in/eir3YV2Y