In 2025, we celebrated 25 years of investment and impact. To document that important milestone, we worked together with our staff, board, project partners, and many others to create a 25th Anniversary Retrospective, looking back at the journey that shaped who we are today. The report reflects on our founding vision and highlights a quarter-century of investment, leadership, and dedication to strengthening communities. It’s a story not just about how far we’ve come, but about where our mission will take us over the next 25 years.

Inside the retrospective, you’ll find a selection of standout projects, quotes from valued team members, reflections from our past and present leadership, and so much more. These highlights offer a clear reminder that our efforts have made a real difference in the communities we serve. Ultimately the report is not just a showcase of our accomplishments, but a tangible demonstration that, like our CEO David Clower said, “Our legacy will not be defined solely by financial results or the projects we finance, but by the enduring hope, opportunity, and resilience that we help communities realize.”

We invite you to explore the full report to see the impact for yourself and join us in celebrating everything we’ve helped build together and everything still to come.

Washington, D.C., January 6, 2026—The National Trust Community Investment Corporation (NTCIC) is pleased to announce that Kimberly Laird has joined our leadership team as Director of Asset Management. Kimberly will lead the Asset Management department, overseeing the direct management of NTCIC’s Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) investments, as well as our growing private credit portfolio. Her responsibilities include financial oversight, risk management, and compliance to ensure the long-term success of our investments and the communities they serve.

A Proven Leader in Community Development Finance

With more than 25 years of experience in community development banking, Kimberly has managed over $1 billion in equity and debt transactions across HTC, NMTC, and Low-Income Housing Tax Credit (LIHTC) programs. Her career began at Wachovia Capital Markets Group, where she managed the Southeastern asset management team focused on LIHTC investments. She later advanced to Bank of America as a Senior Vice President, overseeing asset management for Historic, New Markets, and Renewable Energy tax credit investments. Most recently, Kimberly served as Credit Risk Manager in Community Investment Capital at Synovus Bank, a regional institution headquartered in Georgia.

“Kimberly’s experience and values align with NTCIC’s commitment to preservation, equity, and performance,” said David Clower, President & CEO of NTCIC. “She will help us scale our impact while safeguarding the integrity of every investment we steward.”

Commitment to Community and Impact

Kimberly earned her B.S. in Accounting from The University of Kentucky and remains deeply engaged in community advocacy through her work with The Redress Movement in Charlotte, NC, and the NC Housing Coalition. Outside of work, she enjoys yoga, cooking, and spending time with her two sons.

“Asset management is the backbone of NTCIC’s mission to deliver transformational capital investments in underserved communities,” said Bret Mosher, Managing Director of Credit & Portfolio Management. “Kimberly’s expertise strengthens our ability to safeguard investor confidence while driving measurable social and economic outcomes nationwide.”

Please join us in welcoming Kimberly to NTCIC!

Connect with Kimberly Laird on Linkedin

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.

WASHINGTON, DC, January 5, 2026: The National Trust Community Investment Corporation (NTCIC) is pleased to announce that we have been awarded $70 million in New Markets Tax Credit (NMTC) allocation authority by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).

With this award, NTCIC will deploy our preservation-based community investment strategy to save and repurpose old, underutilized buildings across the country to spur economic growth and support vibrant communities. We will prioritize our NMTC allocation to projects that:

• Rehabilitate historic buildings in Deep Distress communities;
• Create economic stability by creating or retaining quality jobs that are accessible to low-income individuals; and
• Deliver a broad range of critical community services such as daycare, education, workforce training, healthcare, arts programming, and multi-service support to address the needs of underinvested communities and foster economic opportunity, stability, and revitalization.

Click below to submit your NMTC-eligible project for consideration.

We also want to congratulate our fellow awardees and look forward to working with partners across the country to support underinvested communities that need access to capital to bring new life to historic community assets.

NTCIC’s History of Impactful Investments

Since the inception of the NMTC program in 2000, NTCIC has deployed $729 million in NMTC allocation across 112 high-impact rehabilitations. These projects have created over 38,000 permanent and construction-related jobs, provided over 2,270 units of housing, and revitalized over 13.5 million square feet of historic buildings. On an annual basis, our investments in health care, education, business incubation, and community service facilities currently support over 198,000 low-income community residents.

To learn more about our New Markets Tax Credit investment process, click here.

About the New Markets Tax Credit

On December 23, the CDFI Fund awarded $10 billion in allocation authority for the calendar year 2024-2025 round of the New Markets Tax Credit Program (NMTC Program) to 142 Community Development Entities (CDEs). This is the largest allocation in the program’s history and will stimulate economic growth and empower private-sector investment in distressed communities.

This year’s $10 billion award will drive private investment into communities that lack access to capital, especially in rural America, and is expected to accelerate job creation in sectors such as manufacturing and small business. The NMTC Program will leverage billions more in private capital, multiplying the impact of federal investment, and will support critical infrastructure, business financing, and community facilities, including rural hospitals and health care facilities.

The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to CDEs for targeted investments in eligible areas. The Program was recently made a permanent part of the U.S. tax code through the One Big Beautiful Bill Act (OBBBA).

Over its history, the NMTC Program has facilitated $77 billion in qualified equity investment and $143 billion in total development financing across more than 8,900 urban, suburban, and rural low-income community businesses. These investments have created more than 1.2 million jobs nationwide.

Washington, D.C. — December 22, 2025—NT Solar, a subsidiary of the National Trust Community Investment Corporation (NTCIC), announces that Karin Berry, Managing Director, will retire at the end of the year. Paul Holshouser, currently Director of Solar Transactions, will step into the leadership role starting on January 1st, continuing NT Solar’s mission to deliver impactful renewable energy investments.

Celebrating Karin Berry’s Legacy

Karin Berry has been a major player in the renewable energy space for over 30 years, with experience spanning international energy policy, government service, and private sector investment. Before joining NT Solar, Karin advanced clean energy initiatives in the public sector, including her work at the U.S. Trade Representative’s office, where she focused on international energy policy and government service. She later held leadership roles at PNC Energy Capital and Guggenheim Capital Markets, helping drive the adoption of renewable technologies and innovative investment strategies across diverse markets.

During her tenure as the inaugural Managing Director of NT Solar, Karin Berry led origination, structuring, and closing of renewable energy tax credit investments, building deep relationships with investors and developers nationwide. Her leadership helped expand NT Solar’s reach and reputation, and she leaves a legacy of integrity, innovation, and community impact. Since joining NT Solar in 2015, she has overseen solar tax credit investments and managed a rapidly growing portfolio of renewable projects, responsible for over $1 billion in tax credit investments.

Reflecting on her transition, Karin Berry shared, “I will miss the NTCIC team and our all-in commitment to delivering community benefit.  Of course, I’ll still be doing what I can to support this community in my retired life!”

Paul Holshouser Named Director of NT Solar

Paul Holshouser brings more than 15 years of experience in wind and solar energy, with a background in project finance, business development, and energy policy. Since joining NT Solar in 2024 as Director of Solar Transactions, he has managed closings and fundings for renewable energy tax credit investments, working closely with investor and developer partners. Prior to joining NT Solar, Paul led finance at Distributed Sun and served as a tax policy specialist at the American Wind Energy Association.

“I am honored and excited to carry forward NT Solar’s legacy—serving investors by delivering strong returns and lasting community benefits,” said Paul. “Karin built a platform at NT Solar that is poised for continued success and industry leadership.  It is our dedication to superior customer service that will continue to satisfy investors and developers alike.

“Karin’s vision and dedication have shaped NT Solar into a trusted partner for investors and developers. We are grateful for her leadership and excited to welcome Paul as NT Solar’s new Director. His expertise and energy will guide NT Solar into its next chapter,” said David Clower, President & CEO of NTCIC.

About NT Solar

NT Solar, an affiliate and wholly owned subsidiary of NTCIC, is a leading national investment service provider, directing capital to solar and storage projects that power local communities. The team provides end-to-end support, from sourcing and diligence through closing and ongoing reporting, leveraging Renewable Energy credits to advance environmental progress and economic opportunity.

WASHINGTON, DC, September 3, 2025 – The National Trust Community Investment Corporation (NTCIC) is proud to announce the launch of NT Impact Capital, a new impact asset investment management platform to bring mission-aligned, private credit capital solutions to fund inclusive economic growth, historic preservation, and renewable energy initiatives at scale.

“NT Impact Capital is a natural extension of NTCIC’s outstanding, 25-year track record, which includes nearly $3 billion in tax credit equity investments and the $1.5 billion in assets we currently manage for institutional investors,” said David Clower, President & CEO of NTCIC and NT Impact Capital. “We’ll be raising a series of thematic private credit impact funds to advance our work in preservation and sustainability-focused community development finance through several private credit strategies designed to deliver social outcomes and attractive, risk-adjusted returns.”

To lead this effort, NTCIC welcomes Adrian Ruiz as Managing Director of the newly-formed subsidiary, who will oversee and execute its business strategy by originating, structuring, and managing high-impact investments.

Adrian has over 15 years of leadership experience in nonprofit and community development finance. Prior to joining NTCIC, he served as Chief Investment Officer at the Raza Development Fund, a national, investment grade-rated CDFI, with over $625 million in assets under management.  His deep expertise and national reputation in impact finance will be instrumental in scaling NT Impact Capital’s platform.

“We’re thrilled to launch NT Impact Capital and to have Adrian join our senior leadership team,” said Clower. “I’ve known and worked with him for many years.  Adrian’s experience and values align perfectly with NTCIC’s organization culture and core values, and I know he’s committed to delivering catalytic capital to communities that need it most.”

“I’ve spent my career raising, structuring, and managing capital to drive meaningful outcomes in underserved communities,” said Ruiz. “I’ve led initiatives that bridged financial performance with social impact, developed underwriting frameworks for mission-driven investments, and collaborated across sectors to bring complex deals to fruition. These are the skills that are needed to build and scale NT Impact Capital’s private credit business model.”

In July 2025, NT Impact Capital extended a $7 million historic tax credit (HTC) equity bridge loan to support the $85 million redevelopment of an eight-story flour mill in Ellicott City, Maryland. Additionally, NTCIC contributed $10 million in federal HTC funding and $3 million in state HTC funding to the project.

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.

Meet Alba Castillo, NTCIC’s Summer 2025 Open Access Fellow.

At the conclusion of her fellowship this summer, we sat down with Alba to learn more about her background and future in community development. Read her interview below!

Can you talk a little bit about your background and what brought you into the community development world?

My background has not been a linear path by any means. Years ago, I was a mortgage underwriter, and then I worked for a real estate attorney. Then I found the CDFI industry, and that changed everything. I had always been interested in economic development and creating opportunities for people and communities, so when I found out about the community development finance industry, it just kind of clicked. I ended up working at the Housing Development Fund (HDF), an affordable housing CDFI in Connecticut, and eventually that led me to find the Opportunity Finance Network (OFN), which is what brought me to the DC area.

What are some of your professional strengths and interests?

My roles in community development have been focused on program management, cross-functional coordination, and bringing people and processes together. I really enjoy the challenge of taking a lot of moving parts or loose ends to create something cohesive. A professional strength is identifying where systems can work better and creating structure that helps things flow more smoothly.

As far as interests go, early this year I started taking a community development finance professional certification with Grow America. Pretty much immediately after the first course, I realized that I was drawn to the real estate finance portion of the work. I went on to take another course in the program that was solely focused on community development real estate finance, and really enjoyed learning how projects are structured, how the financing works, and how it all ties back to creating long-term benefits for communities. Actually, right as I was starting that second course is when I found out that I had been accepted to the Open Access program and would be working in the asset management team at NTCIC. Through the resources of the Open Access Fellowship, I’ve completed Novogradac trainings in HTC, NMTC, and LIHTC, including the NMTC 101 workshop at the Novogradac conference in DC. I’ve also completed coursework in financial modeling and NMTC underwriting. It all feels like an aligned next step that builds on my professional experience and allows me to go deeper into parts of community development work that really energize me.

What did you learn during your time at NTCIC?

In addition to the technical training the fellowship provided, I’ve been working closely with the Asset Management team on a couple of key projects focused on process mapping and how project data is tracked and organized. As I got further into my deliverables, I had the chance to explore how the team captures and uses data and how it connects to the rest of the organization – it’s something I’ve really enjoyed digging into.

One thing that stood out is how clearly this work connects with my long-term goals. I’m interested in the commercial real estate side of community development finance and my time at NTCIC has given me a deeper understanding of that work – both technically and operationally. It’s helped me feel more connected to the purpose behind it and more confident that I’m moving in the right direction. I also really appreciated working in a welcoming and supportive environment and seeing how deeply rooted NTCIC’s work is in community development. That alignment confirmed that this is the kind of organization I would love to keep growing with.

What are some of your goals and next steps now that you’ve finished the fellowship?

My goal is to find a full-time job where I can keep growing in the commercial real estate space – especially work that connects to creating jobs, fostering stability, and keeping wealth in communities. I’ve been very influenced by my time at NTCIC, and I’m particularly interested in tax credit finance and want to deepen my understanding of how these deals are structured and managed.

I’ve been intentional about this career pivot and I’m excited to continue learning, contribute meaningfully to a mission-aligned team, and deepen my expertise in this sector of the community development finance industry – an industry where I strongly believe I belong and where I want to help create long-term impact.

Who or what inspires you the most?

I think people who are unapologetically themselves. When someone is just fully themselves, whether that’s in the way they express themselves or hobbies they like to do in their spare time, and they know and embrace who they are – that’s really inspiring to me on a personal level.

And when I think of something that inspires me career-wise, it’s the CDFI industry. When I started in community development finance, it was on the more regional, “boots on the ground” side at HDF, then I moved on to the national stage with OFN, and I got to witness the work of CDFIs from across sectors and across the country. And now I’m learning more about the tax credits and the commercial real estate side, and all that experience just confirms that the industry we work in is amazing and impactful – and more people need to know about it!

Would you recommend the fellowship? And if so, who is the ideal candidate?

I definitely recommend the Open Access Fellowship. The founders and the board have been really thoughtful about what a professional needs to be successful in the community development real estate industry. The fellowship provides great networking and mentorship opportunities, plus targeted training – like the Novogradac trainings and financial modeling and underwriting coursework I mentioned earlier. Really, I think the fellowship has the ability to make a great impact on a professional’s life.

Since we are talking about the CDFI industry, I think the ideal candidate would be someone who is interested in building up communities – even if they don’t know a ton about the industry. I think the technical side of the job can be taught, but at their core, anyone who wants to participate should care about communities and about building them up. I think those are the kind of people who would thrive during and after the fellowship.

Alba — we’re so grateful for all of the contributions you made to our Asset Management team this summer! Best of luck in all your future endeavors!

July 2025 Policy Update

WASHINGTON, DC, July 16, 2025 – The House Republican Reconciliation Bill, “One Big Beautiful Bill”, was signed into law on July 4th. Community development advocates are celebrating that the New Markets Tax Credit is now permanent and not subject to expiration as has been the case for the last 25 years. This is a huge legislative victory and a celebration for the NMTC advocacy community. The permanency of this credit will allow for continued and uninterrupted investment in economically distressed communities for years to come.

However, the bill also rolls back clean energy credits for wind and solar energy, requiring these projects to begin construction within one year of bill passage, or be placed in service by the end of 2027, to receive the tax credit. Wind and Solar projects that begin construction by July 2026 will have four years to begin operations and receive the credit. NTCIC expects this policy to create a “pull-forward” effect, resulting in an especially active solar marketplace for the next few years. Notably, energy storage and other clean energy projects, including geothermal and hydro, still qualify for the full 48E credit through 2033.

Despite an outpouring of advocacy, no improvements for the Historic Tax Credit were included in the bill, but it is not overlooked that sustained advocacy has positively positioned the HTC to not be targeted for a rollback or elimination as it was in 2017.

There may be opportunities to improve these incentives in a bipartisan tax bill later this year or possibly another reconciliation bill. Our work is not done, and to remain in the tax code and to enact improvements, advocacy must continue and ramp up at the next opportunity for all these important incentives.

URGENT ADVOCACY NEEDED TO SUPPORT HTC-GO!

WASHINGTON, DC, June 26, 2025 – The Senate Finance Committee has released their text of the budget reconciliation tax bill and despite an outpouring of advocacy, no components of HTC-GO were included in the bill. Senator Cassidy (R-LA) is working hard to convince his colleagues to include HTC improvement provisions in the bill, however, he needs the support of other Republican Senators to get positive changes to the HTC included. Senate leadership is now working on the final changes to the bill before consideration by the full Senate. The tax portion of the bill will most likely be bundled with other non-tax related reconciliation provisions and go directly to the Senate floor for a vote. HTC advocates will need to take quick action to urge Republican Senators’ support of Senator Cassidy’s (R-LA) efforts to include HTC improvement provisions in the bill.

URGENT HELP NEEDED FROM THE FOLLOWING STATES:

If you reside in these states, please reach out to your Republican Senators: AK, AL, AR, FL, ID, IN, IA, KS, KY, ME, MS, MO, MT, NE, NC, ND, OH, OK, PA, SC, SD, TN, TX, WV, WI, WY and ask them to reach out to Senate Finance Committee, Chairman-Mike Crapo (R-ID) with their support.

EXAMPLE MESSAGE TO YOUR SENATOR:

“The Historic Tax Credit (HTC) is a critical tool for revitalization which has lost significant value over the last 12 years. Improvements provisions were not included in the Finance Committee bill text. The HTC needs to be improved to bring more value to the credits as we look at future projects. Senator Cassidy is working to include HTC improvements, outlined in the Historic Tax Credit Growth and Opportunity Act (HTC-GO/S. 1459), in the reconciliation bill. Will you please voice support to Senate Finance Committee Chairman, Mike Crapo (R-ID), for Sen. Cassidy’s efforts to improve the HTC?”

Feel free to include brief details on projects that would benefit from these improvements.

Thank you to all who have reached out to Republican Senate offices over the last few weeks and months, and we ask that you please follow up with your Senator using the above messaging.

Please activate other advocates to contact their Republican Senators. If you have the ability to contact a Republican Senator directly, please do so on behalf of the HTC.

If you are successful in your outreach, please let us know so we can follow up with Senator Cassidy and his staff.

For assistance with tax staff contacts, feel free to reach out to Mike Phillips at NTCIC (mphillips@ntcic.com) and/or sign up to join the HTC Advocacy Campaign: Click here

Please find the HTC-GO Fact Sheet for more details on the HTC-GO legislation and bill provisions.

Updated: April 25, 2025

As Congress prepares for a major tax policy overhaul in 2025, the urgency to address expiring tax provisions from the 2017 Tax Cuts and Jobs Act increases. Despite delays, the upcoming legislative session will be crucial for major tax decisions affecting individuals and corporations.

This year, we are thrilled to join our advocacy partners in several upcoming HTC advocacy events and opportunities to learn more about state historic preservation incentives and priorities. These events will provide you with the latest information on the HTC legislation and equip you with the necessary knowledge to engage with legislators and advocate for the bill’s passage.

Get ready to be inspired, informed, and energized as we work together to secure crucial support for this initiative. Don’t miss out on the chance to refresh your knowledge and align your talking points as we embark on this exciting journey toward historic preservation. Let’s make history together by supporting this critical piece of legislation!

NEW HTC-GO BILL INTRODUCED IN THE HOUSE AND SENATE

WASHINGTON, DC, April 23, 2025 – A new version of the Historic Tax Credit Growth and Opportunity Act (HTC-GO) was recently introduced by Sen. Cassidy (R-LA) and Sen. Warner (D-VA) in the Senate (S. 1459) and by Reps. LaHood (R-IL) and Suozzi (D-NY) in the House. New provisions include returning to a one-year delivery of the HTC, as well as a boost from 20% to 30% in credit and the ability to transfer credits for smaller and rural projects. Now that Congress has passed a budget resolution, the House Ways and Means Committee could pass a tax bill out of committee by early May. Urgent action is needed to compel Congress to include HTC-GO provisions in the tax bill!

HTC-GO Provisions

• Returns to a 1-year delivery of Historic Tax Credits for all projects: Since 2017, the 20% tax credit has been delivered over 5 years (4% per year); this provision will return delivery of the HTC to 1 year.
• Lowers the Substantial Rehab Test from 100% to 50% of a building’s basis: Lowers the substantial rehabilitation threshold, making more projects eligible to use the HTC.
• Eliminates the HTC Basis Adjustment Requirement: Eliminates the requirement that the amount of the HTC must be deducted from a building’s basis (the property’s cost for tax purposes), increasing the value of the HTC and making it much easier to pair with the federal Low-Income Housing Tax Credit.
• Modifies Tax Exempt Use Rules: Makes the HTC easier to use by nonprofits such as community health centers, local arts centers, affordable housing, homeless services, museums, theaters, and others by eliminating tax code restrictions that make it challenging for nonprofits to partner with developers.
• Increases the credit for smaller projects: Projects below $3.75 million will receive a 30% credit. Rural projects below $5 million will receive a 30% credit. (Rural Definition: Cities/towns with populations less than 50,000 and not contiguous and adjacent to cities/towns of 50,000 in population). All small projects are eligible for direct transfer, without need of a partnership-style investment.

Please ask your members of Congress to cosponsor the Historic Tax Credit Growth and Opportunity Act (HTC-GO) and urge its inclusion in the emerging tax bill.

ACT NOW: Join the 1000 Actions in 100 Days HTC Advocacy Effort

The Historic Tax Credit Coalition and partnering national preservation organizations are excited to share that we have exceeded 1000 contacts to Capitol Hill to strengthen and defend the Historic Tax Credit in 2025. Thank you to all who are participating in these advocacy efforts!

While this is a great victory, it’s not too late to join this effort! We need more people to vocalize their support for the HTC. Click here and fill in your 9-digit zip code to receive talking points, updates, and the legislative staff contacts of your members of Congress to take action.

We are facing one of the best opportunities to improve the HTC that we have had in many years. All members of Congress — both representatives and senators — must hear from advocates promptly to build support for the HTC-GO bill and urge inclusion in the emerging tax bill.

Please share the information in this blog with other preservation and historic rehab advocates willing to commit to contacting their members of Congress in the first 100 days of 2025.

HTCC DC Lobby Day: Wednesday, June 11

The Historic Tax Credit Coalition is hosting its annual HTC Lobby Day in Washington, D.C. on June 11.  We are facing one of the best opportunities to improve the HTC that we have had in many years. Representatives and Senators need to hear from advocates like you to build support for the HTC-GO bill and urge inclusion in the emerging tax bill.  If you are a resident or have projects in any of the following states: AK, AL, AZ, AR, FL, ID, IN, IA, KS, KY, LA, ME, MS, MO, MT, NE, NY, NC, ND, OH, OK, PA, SC, SD, TN, TX, WV, WI, WY, this is the year to come to D.C.  Thank you to all who have already signed up!  To participate, please email Mike Phillips at mphillips@ntcic.com.  Since June 11 is the day before many in the HTC industry are in town for the IPED Historic Tax Credit Conference, the Coalition anticipates a strong showing from the historic rehabilitation industry and Main Street and preservation advocates on Capitol Hill.

The Coalition will set up your meetings and provide educational materials, including maps and lists of projects for each state and congressional district.  Though most advocates fly in the night before, some participants will fly in early on June 11.  The Coalition will host a mid-morning breakfast briefing, then head to Capitol Hill between 11 am and 12 pm for an afternoon of meetings. For more details on the IPED Historic Tax Credit Conference on June 12  and 13, click here.

Background on Budget Reconciliation-Tax Bill

Republicans are planning to use budget reconciliation to try to extend the $4.7 trillion Tax Cuts and Jobs Act (TCJA) provisions, along with other presidential and congressional tax priorities. Both the House and Senate passed a budget resolution unlocking the ability to pass FY25 budget reconciliation bills out of directed committees. At the end of this process, one large reconciliation bill will be considered by both chambers. The large bill will include border, energy, and defense funding in addition to tax extensions and new priorities. Committees are determining the details of about $1.5 – $2.0 trillion in budget offsets for what could likely be up to a $5 trillion bill. House Republicans have scheduled a vote on the House floor for the week of May 19th, which means the tax bill could pass the Ways and Means Committee as soon as early May.

Advocates are contacting offices, closely monitoring the reconciliation bill efforts, and working with our congressional champions to continue voicing support for enhancing HTC in the tax code. We have more support for historic tax credits than ever before. At the same time, with tremendous budget pressure to finance Republican priorities, we remain vigilant with HTC congressional champions in assessing potential rollbacks as cost-saving measures to community development incentives.