Washington D.C. – May 18, 2026: The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful closing of financing for the redevelopment of the historic Ontario & Western Railway Station in Middletown, New York. The $44.8 million project will transform the long vacant landmark into a modern Head Start early childhood education and family services facility operated by the Regional Economic Community Action Program (RECAP), a private not-for-profit established in 1965 and designated as the anti-poverty agency in Orange County. 

Revitalizing a Railway Relic

Constructed in 1892, the New York, Ontario & Western Railway Station is one of Middletown’s most prominent historic landmarks. For more than sixty years, the Station served as a major economic and civic anchor for Middletown, operating as both a passenger terminal and the operational hub of the Ontario & Western Railway. Even after rail service ended in 1957, the building continued to serve Middletown through a series of adaptive uses before falling vacant following a fire in 2004. Despite years of disuse, the station has remained a powerful symbol of Middletown’s working history and its longstanding connection to regional economic life.

Head Start at the Station

Upon completion, the former railway station will reopen as a permanent home for Head Start and other childcare services operated by RECAP, bringing together programming currently offered across two leased locations within active churches. Today, RECAP serves 137 Head Start children in these community based settings. The project will relocate and expand this programming into a single, purpose built facility, allowing RECAP to enhance its learning environments, better align space with program needs, and increase capacity to serve more children and families.

The redeveloped building will support expanded enrollment, increasing preschool capacity for children ages 3–5 to nearly 150 children annually, while adding new programs serving infants and toddlers ages 6 weeks to 3 years and children ages 5 and older. The new facility will allow 100% full-day Head Start programming, compared to current part-day limitations, and will provide all enrolled children with additional services, including mental health support, vision and health screenings, developmental screenings, and early childhood substance abuse prevention. The project will also expand adult education and asset building services for families and support 54 fulltime equivalent jobs, with nearly all positions offering comprehensive benefits.

Financing Preservation 

NTCIC provided a $5 million New Markets Tax Credit allocation, along with an equity investment in the $13 million in federal and state Historic Tax Credits generated by the rehabilitation. Additional NMTC allocation was provided by Empire State Development and the project was supported through robust local- and state-grant funds as well as a capital campaign, showcasing strong local support for the development.   

By reactivating a long vacant historic landmark and expanding access to high-quality childcare in a designated childcare desert, the redevelopment of the Ontario & Western Railway Station strengthens early childhood outcomes, supports working families, and ensures this iconic building continues to serve Middletown for generations to come. 

Learn more about the Ontario & Western Railway Station project here.

Washington, D.C., May 13, 2026— NTCIC is pleased to announce that Ross Williams has joined the NT Impact Capital team this summer as a 2026 Open Access Fellow. The Open Access Fellowship first launched in the Fall of 2021 as an initiative created by advocates in the New Markets Tax Credit (NMTC) industry to increase diversity representation in community development finance. NTCIC was a founding sponsor of the program and NTCIC’s President and CEO David Clower currently serves on the Open Access board of directors.

Ross is an MBA candidate at the University of Virginia Darden School of Business, graduating in May 2026, with eight years of experience across investment banking, corporate finance, and accounting. He has worked at Santander Corporate & Investment Banking, VO2 Partners, KPMG, BNY Mellon, and XP Investments, supporting M&A transactions, credit diligence, accounting, and portfolio analytics across healthcare, biopharma, and financial services. At Darden, Ross serves as CFO of Darden Capital Management and is a Public Service Scholar, MLT Fellow, and Generative AI Fellow.

He is the founder of Freedom Financial, a nonprofit focused on advancing financial literacy in underserved communities. Ross is passionate about deploying capital to drive economic mobility and is based in New York, NY.

Connect with Ross 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 D.C. – May 1, 2026: The National Trust Community Investment Corporation (NTCIC) is proud to announce our successful closing of financing for phase two of the Loray Mill revitalization in Gastonia, North Carolina. The $52 million historic preservation effort led by Tribridge Residential will transform the long-vacant section of one of the state’s most significant industrial landmarks into new housing opportunities in the Charlotte suburbs. 

A Landmark of Industry and Labor History 

Constructed between 1900 and 1922, Loray Mill stands as a nationally significant example of early twentieth‑century industrial construction and, at over 600,000 square feet, one of the largest textile mills ever built in North Carolina. Originally developed for cotton cloth production, the mill later transitioned to tire fabric manufacturing following its acquisition by the Jenckes Spinning Company in 1919, with major expansions completed in 1921 and 1922. 

The mill is also historically notable as the site of the 1929 Loray Mill Strike, which involved more than 1,000 workers and brought national attention to labor conditions in the Southern textile industry. After the strike, the mill closed and was later purchased by Firestone Tire and Rubber Company, which operated the facility until 1993. Following decades of vacancy, rehabilitation efforts began in 2013 and continue today.

“Few buildings in the Southeast carry the weight of Loray Mill — it powered Gastonia’s rise as Spindle City and anchored the region’s textile economy for nearly a century before sitting largely vacant for decades,” said Josh McPherson of Tribridge Residential. “Tribridge owns and operates historic properties across the Southeast, and we’re proud to take on the final chapter of one of the most ambitious mill rehabilitations in the region.“

Anchoring a Revitalized Mill Village 

Loray Mill Lofts Phase 2 completes the adaptive reuse of the historic mill by converting the long‑vacant west block into 143 market‑rate apartments with resident amenity spaces. The project builds on Phase 1 of the redevelopment, which delivered nearly 200 apartments along with commercial space and shared amenities, including an expansive and publicly accessible gym, that now anchor the mill campus. 

The new residences feature one‑, two‑, and three‑bedroom units designed to preserve the building’s historic industrial character through open floor plans, high ceilings, exposed brick, and visible structural elements, while introducing modern amenities that support long‑term residential use. Together, the project represents a key component of the broader revitalization of the Loray Mill Village.

Financing Preservation 

NTCIC made an equity investment in the $8.3 million Federal Historic Tax Credits, as well as the $16.5 million North Carolina Mill Rehabilitation Tax Credits, to support the preservation efforts of the final phase of revitalization. 

NTCIC served as the Federal Historic Tax Credit and North Carolina Mill Rehabilitation Tax Credit investment sourcer, underwriter, and closer for the transaction, and will serve as asset manager throughout the compliance period. The North Carolina Mill Rehabilitation Tax Credit played an important role in supporting reinvestment in a long‑vacant industrial property and encouraging continued preservation activity in distressed communities. 

Learn more about Loray Mill Lofts Phase 2 here.

NT Solar is proud to announce its first investment with United States Solar Corporation (US Solar) to support a portfolio of seven community solar projects located in Colorado. Throughout construction of the projects, NT Solar will provide an equity investment on the $43 million of Solar Investment Tax Credits (ITC) generated by the solar projects. The projects total 46 MWdc and are expected to generate approximately 90 million kWh annually — enough to power nearly 8,300 homes per year. 

“NT Solar’s first investment with US Solar reflects our commitment to expanding access to clean energy while delivering meaningful community benefits,” said Paul Holshouser, Director of NT Solar. “We’re especially proud to support projects that prioritize low-to-moderate income households and environmental revitalization.” 

US Solar is committed to community-focused energy solutions. Nearly 5,000 families will receive utility bill discounts, averaging around $600 per year in savings for each household — equivalent to cutting the average utility bill nearly in half. The developer has partnered with nonprofit Energy Outreach Colorado to connect income-qualified households with those savings. Combining environmental innovation with social equity, US Solar’s portfolio supports low-to-moderate income households and transforms landfill-adjacent land into green energy hubs, and with six of the seven projects located adjacent to the Denver Arapahoe Disposal Site landfill, the project will provide a green buffer for nearby communities. 

“Partnering with NT Solar on this community solar portfolio has enabled us to complete these projects that deliver both community and financial returns,” said Brian Lantz, Chief Financial Officer at US Solar.  “We look forward to continuing our partnership and deploying capital across additional community solar markets in the near future.” 

The roughly 90 million kilowatt-hours (kWh) generated annually by the installations are projected to sequester the same amount of carbon from the atmosphere as over 44,000 acres of forest and generate the amount of electricity equivalent to burning over 49 million pounds of coal. By investing in a project that will support thousands of low-income households in Colorado, delivering measurable community impact, NT Solar demonstrates its continued commitment to advancing equitable and impactful solar development across the country.

Learn more about the project here. 

About NT Solar

This is NT Solar’s first investment with US Solar and was made possible through NTCIC’s Renewable Investing Fund I, LLC. NT Solar, a division of the National Trust Community Investment Corporation (NTCIC), provides tax credit equity for renewable energy projects that deliver measurable community benefits. NT Solar specializes in community solar, energy storage, and projects that serve low-income households or are located in historically underserved areas. Visit www.nt.solar to learn more.

About US Solar

Founded in 2014, US Solar is a developer, owner, operator, and financier of solar generation and storage projects with a focus on emerging state markets and community solar programs. The company helps utilities, partners, communities and residents expand access to clean energy across the country and save on electric costs. With more than 300 Megawatts of completed projects and over 2 Gigawatts in development or construction, US Solar is trusted nationwide. Visit www.us-solar.com for more. 

The National Trust Community Investment Corporation (NTCIC) is honored to have played a crucial part in the financing of the $85 million adaptive reuse of the historic Wilkins Rogers Mill complex in Ellicott City, Maryland. Spearheaded by Terra Nova Ventures with Alexander Design Studio as the architect and Southway Builders as the general contractor, the Ellicott Mill project will transform the long-dormant industrial site into a dynamic mixed-use community featuring 190 residential apartments, a restaurant space overlooking the Patapsco River, and ground floor retail space, while preserving one of Maryland’s most significant industrial heritage landmarks.

Originally established in 1774 by the Ellicott brothers, the mill was the first commercial flour producer in Maryland and a regional pioneer in industrial automation. It helped catalyze Baltimore’s rise as a leading flour export hub. Through multiple owners, including the Gambrill family, the Doughnut Corporation of America, and finally the Wilkins Rogers Company, the site has remained a cornerstone of the area’s industrial identity for over two centuries. The mill officially ceased operations in 2020, opening the door to a visionary redevelopment that honors its rich past.

NT Impact Capital provided a $7 million bridge loan to assist in financing the project, marking NTCIC’s newest subsidiary’s first official investment. NTCIC supported the revitalization through an equity investment in the $10 million in Federal Historic Tax Credits generated by the project, along with $3 million in State Historic Tax Credits. NTCIC served as the Federal and State HTC sourcer, underwriter, and closer, as well as the Federal HTC fund manager and Federal and State HTC asset manager. 

The redevelopment will preserve the architectural integrity of the complex, which includes the main mill building, nine historic silos, a boiler house, and an attached machine shop. The three-story warehouse will receive a two-story new construction addition approved by the National Park Service, further blending history with modern design. 

Located on the main thoroughfare and within walking distance of downtown Ellicott City, Ellicott Mill offers convenient access to both Baltimore and Washington, DC. The project promises to become a landmark example of how historic preservation and smart growth can work together to serve a community for generations to come. 

Learn more about the Ellicott Mill development here.

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.

[EVENT FULL] National Historic Preservation Advocacy Week: March 2-5, 2026

Hosted by Preservation Action and the National Conference of State Historic Preservation Officers, Advocacy Week 2026 will feature new in-depth preservation policy trainings and briefings, member and partner meetings, exciting tours, networking opportunities, and of course congressional office visits.

Hear from NTCIC’s own Mike Phillips and learn how to best advocate for the historic tax credit.

Your advocacy has an impact! This is a critical time for historic preservation, and we need your voice as we advocate for the critical programs and policies the help preserve our nation’s historic resources.

Click here to view Preservation Action’s Advocacy Week 2026 Digital Materials

Learn More and Sign Up for the Waitlist Below

Advocating for HTC-GO in 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!

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.