Washington D.C. – October 26, 2026: The National Trust Community Investment Corporation (NTCIC) is pleased to announce the successful financial closing of Fourth & Rhine, a transformative historic rehabilitation project spanning ten buildings in Cincinnati’s Over-the-Rhine and West Fourth Street Historic District neighborhoods. The development will restore a collection of long-underutilized historic properties into a vibrant mix of residential, commercial, and community-serving spaces while preserving their historic character and contributing to the continued revitalization of Cincinnati’s urban core.
NTCIC provided an equity investment in the $13.3 million in combined Federal and Ohio State Historic Tax Credits generated by the project. These investments provided critical support for the $36.8 million rehabilitation of the ten buildings comprising Fourth & Rhine
“After more than a decade investing in Over-the-Rhine, these were some of the last critical properties on their blocks still waiting to be revitalized. Getting here took two years and partners who stayed the course, and NTCIC was the right partner to bring the federal and Ohio historic credits together. The result is 91 homes, nearly a third of them attainable for working households, and five restored storefronts. For us, that’s not a one-off; it’s our mission to positively transform communities, and one more step in the long work of building neighborhoods where people want to live and work.”
- Bobby Maly
- President & CEO of The Model Group
Preserving Cincinnati’s Historic Urban Fabric
Fourth & Rhine brings together ten historic buildings across two of Cincinnati’s most historically significant urban districts: Over-the-Rhine, a nationally recognized 19th-century neighborhood shaped by German immigrant culture, and the West Fourth Street Historic District, an important downtown corridor known for its cohesive mid-to-late 19th-century commercial and residential architecture. Together, the buildings showcase the iconic scale, craftsmanship, and community-oriented development of Cincinnati’s architecture.
Creating Space for the Future
The Fourth & Rhine redevelopment will transform ten historic structures into a dynamic mix of residential and commercial uses designed to support continued neighborhood growth. Revitalization efforts will create 91 new mixed-income housing units, ranging from studios and micro-units to one-bedroom and two-bedroom apartments and townhouses, 29 of which (nearly one-third) will be affordable to households earning at or below 60 percent and 80 percent of Area Median Income (AMI), helping expand access to housing in one of Cincinnati’s most active and rapidly evolving neighborhoods.
It will also restore and reincorporate historic storefronts and commercial spaces as five commercial spaces for local businesses, nonprofits, and neighborhood-serving uses, which will contribute to the area’s economic vitality and community life.
Historic preservation efforts will focus on restoring the storefronts, façades, and remaining character-defining architectural features wherever feasible, while modernizing building systems and residential amenities to support long-term occupancy.
Strong Partnerships Building Strong Communities
Fourth & Rhine marks another successful project closing in NTCIC’s ongoing partnership with The Model Group, a leading developer with a long history of community-focused revitalization projects throughout Ohio, Kentucky, and Indiana.
With strong partnerships and smart investment, the project demonstrates how preservation-driven development can simultaneously create housing opportunities, support local businesses, and strengthen neighborhood identity while honoring the architectural legacy that makes a neighborhood unique.
“Fourth & Rhine reflects what is possible when strong partnerships and historic preservation come together around a shared commitment to community. We’re proud to continue our collaboration with The Model Group on a project that preserves Cincinnati’s historic character while creating new housing, supporting local businesses, and ensuring these buildings remain active parts of their neighborhoods for generations to come.”
- Kathleen Galvan
- Senior Acquisitions Manager, NTCIC
Through the preservation and adaptive reuse of these architecturally significant buildings, Fourth & Rhine will deliver much-needed housing, neighborhood-serving commercial space, and long-term community benefits while ensuring these historic assets remain active contributors to Cincinnati’s urban landscape for decades to come.