Partner with the Historic Tax Credit Coalition as they gear up to strengthen and defend the Historic Tax Credit in 2025

Advocacy for the Historic Tax Credit (HTC) has never been more crucial. With many provisions of the Tax Cuts and Jobs Act set to expire this year, it’s critical that we use our voices to advocate for preserving and enhancing the credit. Soon, legislators from both sides of the aisle will have the opportunity to support the HTC as part of a broader tax reform package, and as legislation begins, historic preservation advocates are calling for 1,000 meaningful interactions with Members of Congress during the first 100 days of the 119th Congress.

This is where you come in. By volunteering to advocate, you can help ensure that the Historic Tax Credit continues to benefit our communities. The Historic Tax Credit Coalition will provide you with personalized outreach materials to help you engage with your elected officials. It’s time to ensure that this vital tool for community development and historic preservation remains strong for years to come. Sign up at the link below to volunteer and be part of the movement to protect and enhance the HTC.

BACKGROUND

The federal Historic Tax Credit (HTC) has long been a vital tool for the preservation and revitalization of historic properties across the United States. Established in 1981, this incentive has been instrumental in the revitalization of communities, turning neglected buildings into vibrant spaces. However, despite its success, the value of the HTC has decreased significantly over the past decade. A combination of rising material costs, labor shortages, and legislative changes has led to a drop in the credit’s value.

Despite these challenges, the HTC continues to provide immense value to communities. Approximately half of HTC projects each year involve rehabilitation costs of less than $1 million, and these projects are often the lifeblood of small towns looking to preserve their historic structures while attracting new investment. The HTC has been credited with transforming more than 50,000 historic properties across the nation while supporting affordable housing, fostering community development, and creating jobs.

The only annual lobby day exclusively devoted to

improving the Historic Tax Credit on Capitol Hill

The Historic Tax Credit Coalition is hosting its annual HTC Lobby Day in DC on June 12th, the day before many in the HTC industry are in town for the IPED Historic Tax Credit Conference.

With numerous expired tax incentives and incentives set to expire in 2025, Washington insiders are referring to 2025 as the “Superbowl of Tax.” Though much will depend on the political landscape after the election, 2025 is likely our opportunity to bring needed improvements to the HTC.

All HTC advocates are encouraged to participate. The Coalition will set up your meetings and provide educational materials, including maps and lists of projects for each state and congressional district. If your House member is on the tax-writing committee, or you live in the following states, you are HIGHLY encouraged to attend:

AL, AR, FL, IA, ID, IN, KS, KY, LA , ME, MO, MS, MT, NC, ND, NE, TN, OH, OK, TX, UT, SC, SD, WI, WV, WY

The Coalition is hosting a mid-morning breakfast briefing and will then head to Capitol Hill for an afternoon of meetings and advocacy. Later that evening, NTCIC is partnering with CohnReznick and Ryan, LLC to host the first annual Congressional Reception on Capitol Hill.

Click below to email NTCIC Director of Public Policy Michael Phillips for more information or to learn how you can participate in advocacy efforts.

BACKGROUND

As Congress prepares for the 2024 elections and 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.

The Historic Tax Credit (HTC) is vital for revitalizing historic properties and preserving our heritage. However, its use has declined by over 20 percent compared to pre-pandemic levels. It’s crucial to emphasize the HTC’s positive impact on communities and push for improvements.

Support the Historic Tax Credit Growth and Opportunity Act (H.R. 1785 / S.639) to enhance the HTC, ensuring its effectiveness and reversing the decline in use. Strengthening the HTC will promote economic growth and preserve historic landmarks for future generations. Join us in advocating for this vital legislation to secure the future of historic preservation in America.

“Pontiac is a comeback city, writing the story of its recovery. We are doing our part by growing healthy food, making sure neighbors are known, kids are resourced, and services are accessible.”

Originally built in 1921 during Pontiac, Michigan’s automotive boom, the historic Webster School is set to embark on a new chapter as the Webster Community Center. Led by local community development corporation Micah 6 Community, the Center will combine over a dozen service- and development-oriented providers and nonprofits under one roof, creating a transit-oriented integrated hub of health, education, and opportunity.

The National Trust Community Investment Corporation (NTCIC), a tax credit syndicator and subsidiary of the National Trust for Historic Preservation, is proud to support the project development through a $7 million New Markets Tax Credit allocation and an equity investment in the $5.5 million of Historic Tax Credits generated from the preservation efforts.

Continuing a Legacy of Education and Opportunity

The historic 54,000-square-foot Webster School opened during Pontiac’s population boom, as tens of thousands flocked from the south to work in the rapidly growing automotive manufacturing industry that originally put the city on the map. After the school eventually closed in 2008 and stood vacant for over a decade, this historic building is set for a new life.

Once complete, the Webster Community Center will be a vibrant ecosystem of over a dozen nonprofit and service-oriented organizations, all dedicated to providing critical resources to children and families.

The Center will feature a Federally Qualified Healthcare Center aimed at addressing the community’s lack of access to primary healthcare, a HeadStart program operated by Oakland Livingston Human Service Agency (OLHSA), and diverse youth enrichment programs including music, theater, art, sports, and STEM, all offered at minimal or no cost.

Webster will also include education and workforce training programs for adults, including a distance learning lab operated by Rochester Christian University and a commercial kitchen led by Micah 6 Community to support local food entrepreneurs while scaling up their existing food distribution services into a full food co-op.

“The Webster Community Center is going to provide essential services that our community has long needed,” stated Coleman Yoakum, developer of the project and leader at Micah 6 Community. “Moreover, our enrichment programs in arts, sports, and technology are tailored to foster creativity and learning in a nurturing environment and to give the children of the community a variety of developmental options. This project is about building a sustainable future where every resident has the resources they need to succeed.”

To improve access, the project will consolidate three bus stops at the center’s entrance and establish an indoor transportation hub with amenities like Plain and Fancy Food shop for food and coffee, another incoming tenant.

Community-Led Revitalization

Founded in 2012, Micah 6 Community is a neighborhood-based community development corporation dedicated to addressing key challenges in their community, such as limited access to healthy food, insufficient youth activities, and a lack of resources for unhoused individuals. The nearest grocery store to Webster Elementary is more than a mile away, a significant barrier given that nearly 30% of local residents do not own a car.

Recognizing these needs, Micah 6 Community initiated its first project by purchasing a vacant lot in 2013 to establish a community garden. This effort has since expanded to encompass over an acre of gardens and greenhouses, collaborating with local farms to provide thousands of pounds of fresh produce to the community at no cost. Micah 6 Community continues to make a meaningful impact through these initiatives and ongoing dialogue with residents. Over the years, they have established afterschool programs, a summer camp, and a holiday gift donation and distribution program.

“Micah 6 Community has demonstrated an extraordinary commitment to revitalizing Pontiac. Their passion for the community and unwavering dedication to delivering essential resources were crucial in making the Webster Community Center project a reality,” said Marcus Jones, Project Manager at NTCIC. “Working alongside such a motivated and community-focused group has been an inspiring experience.”

NTCIC is proud to have supported this project, recognizing the profound impact that the Webster Community Center will have on Pontiac’s local community. The project exemplifies the high-impact, community-led initiatives that the New Markets Tax Credit was designed to support, highlighting its role in facilitating transformative developments that truly benefit the community.

To learn more about the history of the building and its new use, click here.

April 22, 2024, Washington, DC: NT Solar, a national tax credit syndicator with a mission to provide affordable clean energy access through investments in renewables and battery projects with strong ESG attributes, is thrilled to announce a series of four strategic solar tax credit (ITC) investments across the country, establishing new partnerships, building upon successful ongoing relationships, and continuing the growth of our network of investment partners.

These investments supported the development of 4 solar projects, including the largest solar installation to date in Rhode Island, as well as various community solar projects in New Jersey, New York, and California. Once in operation, these portfolios will bring the country closer to a carbon-free future while providing renewable energy to corporate and community solar subscribers and municipal, university, school, and hospital (MUSH) offtakers.

New & Returning Partnerships Generate Lasting Impacts

NT Solar’s recent successful investments were with new development and investment partners, New Energy Equity and Revity Energy via Nelnet, Inc., as well as returning partner Dimension Energy, showcasing the company’s capacity to attract fresh collaborations while maintaining longstanding relationships built on trust, reliability, and the delivery of exceptional results.

“We are truly honored to deepen our partnership with NT Solar through these latest solar investments,” said Patrick Schaufelberger, Senior Vice President of Project Financing at Dimension Energy. “NT Solar’s expertise in financing and their unwavering support have been instrumental in bringing these projects to fruition.”

Following an initial investment in late 2022, NT Solar expanded its financing support of Dimension Energy projects in both September and December of 2023. To date, this collaboration has resulted in a project portfolio of 10 projects, representing over 71 MWDC of community solar generation capacity in New Jersey, New York, and California that will collectively deliver over $1M in annual savings to the project subscribers.

“It was a pleasure beginning new relationships with the New Energy Equity team while continuing to build on our strong partnership with Dimension Energy,” said Alyssa Watt, Transaction Manager at NT Solar. “These development teams are doing incredible work in expanding accessibility to renewable energy across the country.”

“New Energy Equity’s collaboration with NT Solar through these latest solar investments demonstrates our shared commitment to increasing access to clean energy for residents of New York,” said Jackie Chambers, Chief Investment Officer at New Energy Equity, an ALLETE company. “It exemplifies the synergy needed to drive the renewable energy sector forward, and we’re excited about the positive impact our partnership will have on local communities and the environment.”

With a total aggregate capacity of 152.5 Megawatts (MW dc), NT Solar’s recent investments will generate nearly 250 million kilowatt hours (kWhs) of renewable energy each year. Not only is this enough energy to power over 33,000 homes a year, these installations also play a crucial role in mitigating climate change by offsetting nearly 170,000 metric tons of carbon dioxide (CO2) emissions annually. These avoided emissions are equivalent to the amount of CO2 produced by burning 190 million pounds of coal or 19 million gallons of gasoline and would require over 200,000 acres of forest to offset naturally.

Inaugural Financing Through New Impact Investment Fund

The most recent financing in Dimension Energy’s portfolio was made possible through NT Solar’s newest investor partnership and the newly established Renewable Investing Fund. The establishment of this fund and its successful application in financing Dimension’s multi-state portfolio underscore NT Solar’s role as a leader in renewable energy investing and its strengths in bringing together diverse partners to support impactful renewable energy and decarbonization projects across the country.

“We are immensely proud to have launched the new Renewable Investing Fund with the support of our new investor partner,” said Karin Berry, Managing Director of NT Solar. “This partnership is a testament to our solid track record of fund management and successful transactions, paving the way for future endeavors that will continue to set benchmarks in the renewable energy landscape.”

“As we step into this new era of growth under my leadership, our mission at NT Solar is front and center,” stated David Clower, newly appointed President & CEO of NT Solar. “The demand for renewable energy solutions is at an all-time high, and we are actively expanding our fundraising efforts to meet the increasing demand from our robust pipeline of quality project sponsors. Our team is dedicated to fostering the development of projects that not only provide stable returns but also deliver tangible, positive impacts to communities nationwide. We invite partners to join us as we continue to innovate and lead in the renewable energy sector.”

About NT Solar

NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages capital for renewable and battery storage investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provide our developers with competitive pricing and stable returns for our investors. Visit www.nt.solar to learn more.

About Dimension Energy

Dimension Energy is a leading developer, owner, and operator of turn-key community solar solutions, having deployed more than 400 megawatts and $400 million into clean energy assets since its founding in 2018. Dimension plans to invest an additional $2.5 billion over the next 5 years, with more than 2.2 gigawatts of projects currently under development across 11 states. Dimension fosters long-term partnerships with each community it serves, investing in local green job creation through workforce training programs and STEM education. For additional information about Dimension, please visit www.dimension-energy.com/

About New Energy Equity

New Energy Equity LLC, a wholly owned subsidiary of ALLETE (NYSE:ALE), develops, finances, operates, and manages solar power generation assets, providing clean electricity to commercial, industrial, municipal, and utility customers under long-term contracts. New Energy Equity has successfully developed over 500 megawatts of solar projects and closed more than $1.2 billion in clean energy investments. To learn more, visit: www.newenergyequity.com/

About Revity Energy

Revity Energy develops, constructs, and operates renewable energy generation facilities for the benefit of community partners. Our customer-centric approach gives us an intimate understanding of the needs of the communities where we develop projects, allowing us to offer tailored, effective energy solutions. To learn more, visit: www.revityenergy.com/

Yesterday, the Biden-Harris administration announced the EPA’s selections for $20 billion in grant awards through the Greenhouse Gas Reduction Fund (GGRF). GGRF, which was created under the Inflation Reduction Act, aims to provide “a national clean financing network for clean energy and climate solutions across sectors, ensuring communities have access to the capital they need to participate in and benefit from a cleaner, more sustainable economy.”

The National Trust for Historic Preservation and its subsidiaries, National Trust Community Investment Corporation (NTCIC) and Main Street America (MSA), along with partners at Smart Growth America, led a successful campaign through 2023 to ensure these funds could be used to support decarbonizing adaptive reuse projects in communities across America.

The GGRF allocation was awarded to several partners of the National Trust family of companies, all of which are actively working toward environmental and climate-related initiatives in disinvested communities. These partners include Appalachian Community Capital / Green Bank for Rural America, Climate United, The Coalition for Green Capital, and The Justice Climate Fund.

NTCIC’s President & CEO David Clower highlighted the significant financing opportunity that underscores the crucial role of adaptive reuse and preservation activities in decarbonization and climate resiliency, saying, “Over the past 25 years, NTCIC has been dedicated to delivering creative financing solutions to community and economic development challenges in underserved communities. At NTCIC, we recognize the need for additional capital resources to support community-based organizations investing in sustainable energy solutions. We are proud to see an example of our work—the historic Owosso Armory building in Owosso, Michigan—highlighted in the EPA’s press release.”

Even with the availability of federal and state Historic and New Markets Tax Credits, far too many developers find the costs of adaptive reuse projects prohibitive, particularly those located in historically disinvested communities. The availability of financing from the Greenhouse Gas Reduction Fund promises to offer a valuable and much-needed source of low-cost capital for these projects – helping ensure we can preserve our past while creating new sustainable spaces for the future.

Congratulations to the awardees for this historic achievement. We look forward to the incredible preservation and community development opportunities this funding program will support to address climate change concerns.

Dear friends and colleagues,

On behalf of the Board of Directors and the Search Committee, I’m excited to welcome David G. Clower as NTCIC’s newest President and CEO. This appointment comes at a pivotal moment as we approach our 25th anniversary, a time of both reflection on our past achievements and anticipation for the future.

David’s dedication to community service and his alignment with our organizational values were standout qualities during our comprehensive year-long search. As Terrian Barnes, Chair of the Search Committee, aptly noted, “David’s in-depth industry experience, as well as his understanding and respect for NTCIC’s successful history, position him as the perfect leader to drive our mission forward. We are confident that under David’s leadership, NTCIC will continue to reach impressive milestones and broaden its influence on communities nationwide.”

On behalf of the board and staff of NTCIC, I want to also extend our deepest gratitude to Suzanne Brown for her exceptional leadership as our Interim President and CEO during this transitional year. Since joining NTCIC in 2009, Suzanne has been an indispensable member of the team, most recently serving as our Managing Director, Finance & Administration. Her dedication and expertise have been instrumental in steering our organization through this period of transition.

As we welcome David Clower as our new President and CEO, we are equally thrilled to announce Suzanne’s well-deserved promotion to Chief Operating Officer. Her continued leadership and vision will undoubtedly be pivotal in NTCIC’s ongoing success and growth.

As we celebrate these exciting changes, I reflect with pride on the path NTCIC has traveled over the past 25 years. Our success in financing over 200 impactful investments and our ongoing advocacy for tax credit programs are a testament to the strength and dedication of our team. Under David’s leadership, we look forward to continuing this legacy of revitalizing communities, preserving our heritage, and fostering sustainable development across the nation.

Thank you for your continued support as we embark on this new chapter. Together, with David Clower and Suzanne Brown in their respective new roles, we are poised for even greater achievements in the years to come.

 

Warm regards,

Lauri Michel
BOARD CHAIR, NTCIC

WASHINGTON, DC, February 15, 2024:  The historic Phillips Packing Company Factory F building, a cornerstone of industrial prowess in Cambridge, Maryland, constructed in 1920, is embarking on a new chapter as the Packing House, thanks in part to a $5 million New Markets Tax Credit allocation from the National Trust Community Investment Corporation (NTCIC). The second and final phase of development, totaling nearly $10 million in project costs, will complete the tenant and site improvements necessary to support the growth and activities of the new and incoming organizations within.

A Legacy Reimagined at the Packing House

The Phillips Packing Company was once the global leader in canned tomato production, as well as one of the primary employers for Cambridge residents. Its legacy of community support and employment opportunities continues through the Packing House project. Revitalization efforts have transformed the historic factory into a vibrant space for emerging entrepreneurs, workforce development, and aquaculture, ensuring the tradition of innovation and community enrichment lives on.

Development efforts were led by a partnership between Baltimore-based Cross Street Partners, a renowned real estate firm dedicated to rebuilding communities through innovative and sustainable urban development, and the Eastern Shore Land Conservancy, a nonprofit organization founded to protect Maryland’s Eastern Shore natural habitats and guide sustainable development for the surrounding communities.

“This building’s transformation is not merely about preservation; it’s about redefining its role in our community’s future,” stated 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.”

Diverse Tenants Leading Innovation and Growth

“This was a miracle of a revitalization effort in many ways,” noted Tony Maruca, Project Manager of NTCIC. “The project originally appraised for less than half of the total project costs, but Cross Street Partners rallied public and private support to make it happen. I commend the development team for their incredible effort and success in bringing this impactful project to life.”

With site work complete, the LEED Gold-certified Packing House will serve as a vibrant ecosystem for a diverse group of tenants, each providing employment, growth, and educational opportunities for the surrounding community.

The building has become the new and expanded headquarters for Blue Oyster Environmental, a leader in sustainable oyster farming practices that contribute to the health and wellness of the Chesapeake Bay.

The Packing House is also a new MERGE location, offering collaborative workspaces that foster innovation among startups and small businesses. Additionally, it is now the home of a Community Engagement Center operated by the Maryland Department of Housing and Community Development, where individuals can participate in programming dedicated to housing opportunities and professional training.

It will also soon house Four Eleven Kitchen, which will operate an incubator to nurture the culinary talents of food entrepreneurs and provide a platform for them to grow and thrive.

The Sustainability of Building Reuse

All of this and more will take place in the newly revitalized Packing House, which has been awarded LEED Gold certification for meeting high standards in energy efficiency, water conservation, and material reuse.

It is projected that the restored Packing House will conserve 148.9 MWh of electricity each year, equivalent to the amount of energy used when burning 120,000 lbs. of coal. The project is expected to complete the construction of the remaining tenant spaces in mid-2024. Future development of the area includes the creation of Cannery Park, a new ‘central park’ for the City of Cambridge that will incorporate spaces for active and passive recreation.

For more information on the community and economic impacts of the Packing House development, click here.

About NTCIC

National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is among the most active tax credit syndicators in America. The organization supports the country’s architectural heritage, community development, and renewable energy initiatives through high-impact state and federal tax credit investment services.

About Cross Street Partners

Cross Street Partners is a vertically integrated real estate company with a mission to rebuild communities through vibrant, mixed-use neighborhoods and specializes in the adaptive reuse of historic properties, sustainable design, and transit-oriented development.

Image Credits: Patrick Ross Photography

WASHINGTON, DC, January 24, 2024 – The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation (National Trust) and a leading national Community Development Entity and tax credit syndicator, proudly announces the appointment of David G. Clower as its new President & Chief Executive Officer, effective February 20, 2024.

“We are thrilled to announce David Clower as the new President & CEO of NTCIC, following a meticulous and comprehensive year-long search,” stated Terrian Barnes, Chair of the Search Committee. “David’s deep industry experience and his steadfast commitment to community service align seamlessly with our organizational values and objectives. His understanding and respect for NTCIC’s successful history position him as the perfect leader to drive our mission forward.”

Bringing 30 years of experience in commercial and investment banking and community development finance, Mr. Clower is currently the Executive Vice President of Strategic Investments at the Raza Development Fund, the largest Latino-led, non-profit community development financial institution (CDFI) in the United States, where he previously served as Chief Investment Officer and Chief Credit Officer. In his current role, he is responsible for conceiving new strategic initiatives and designing, vetting, and commercializing innovative and scalable community development financial products and services, including the establishment of a mission-driven, third-party asset management platform.

“NTCIC’s amazing team of dedicated, mission-driven investment professionals have consistently delivered quality social outcomes and impressive earnings over time for investors,” said Mr. Clower. “As a board member, I’ve watched the company’s culture of teamwork and excellence in action and seen first-hand how its family values and core operating principles guide decision-making in ways that are aligned with my own. As NTCIC’s next leader, I’m excited to build upon the company’s stellar track record and work closely with the National Trust to further elevate our brand as we build stronger, more resilient communities together.”

David steps into this role as the third president of NTCIC, succeeding the foundational leadership of John Leith-Tetrault and the dynamic guidance of Merrill Hoopengardner. David joined the NTCIC board of directors in 2019 and, during his five-year tenure, has served as the Vice Chair of the Governing Board, Vice Chair of the Executive Committee, and as a member of the Investment and Audit, Finance & Risk committees.

“David Clower has been an integral part of our organization, serving on the NTCIC board for the past five years and most recently as the Board’s Vice Chair,” said Lauri Michel, Board Chair of NTCIC. “His leadership and insightful contributions to our investment activities have been invaluable. With his unique perspective gained from this role, David is exceptionally positioned to guide NTCIC into the future.”

David’s appointment marks a continuation of NTCIC’s esteemed tradition of professional excellence, deep industry expertise, and unwavering dedication to its mission as the organization nears its 25th anniversary. Under David’s leadership, NTCIC looks forward to a future of continued success, furthering its commitment to revitalizing communities, preserving our heritage, and fostering sustainable development across the nation.

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is among the most active tax credit syndicators and Community Development Entities in America. Founded in 2000, the organization supports the country’s architectural heritage, community development, and renewable energy initiatives through the provision of and investment in federal and state tax credits. Since its inception, NTCIC has successfully financed over $2 billion in tax credit equity in over 200 impactful investments across the country, supporting nearly $10 billion in development costs.

WASHINGTON, DC, September 22, 2023: National Trust Community Investment Corporation (NTCIC) is pleased to announce that we have been awarded $50 million in New Markets Tax Credit (NMTC) allocation authority by the CDFI Fund of the U.S. Treasury Department.

With this year’s award, NTCIC will deploy our historic preservation-based community investment strategy of saving and repurposing old, underinvested buildings across the country to spur economic growth and support vibrant communities. We will prioritize deploying our NMTC allocation to projects that:

• Rehabilitate historic buildings in the most economically distressed communities
• Create quality jobs that are accessible to low-income individuals and those with barriers to employment
• Support community facilities that provide healthcare, education/workforce training, or other social services that directly meet the needs of low-income individuals

Click to submit your NMTC-eligible project for consideration.

 

We wish 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.

About the New Markets Tax Credit

This year’s $5 billion award is the second round made possible through the Consolidated Appropriations Act of 2021, which provided a five-year, $25 billion annual extension of the New Markets Tax Credit (NMTC), the largest extension in the history of the Credit. The NMTC faced expiration in 2020 after 20 years of success stories and strong bipartisan support. The extension ensured an annual $5 billion allocation round through 2025.

Since the inception of the NMTC program in 2000, NTCIC has deployed over $649 million in NMTC allocation across 100 high-impact rehabilitations. These projects have created over 35,300 permanent and construction-related jobs, provided over 2,100 units of housing, and revitalized over 13 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 210,000 low-income community residents.

The NMTC program, established by Congress in December 2000, was designed to encourage investments in low-income communities that traditionally had poor access to debt and equity capital. Since the program’s inception, NMTC investments have supported the construction of over 250 million square feet of manufacturing, office, and retail space and have created over 1 million jobs.

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

WASHINGTON, DC, September 6, 2023: NT Solar is thrilled to announce one of its largest portfolio investments to date, financing $65 million in solar investment tax credits (ITCs) for a portfolio of 100 solar installations across California. This milestone investment is in partnership with Forefront Power, a leading developer and long-term owner-operator of solar energy and storage projects.

This portfolio, developed end-to-end by ForeFront Power and with a development cost of over $200 million, will provide renewable energy for 64 California schools that support thousands of students from K-12, as well as connect to four city utility services and several of the largest counties in the state. Soon, hundreds of thousands of residents will be able to benefit from energy savings provided by these installations. This investment underscores NT Solar’s commitment to investing in renewable energy that serves a broad community base, contributing to a sustainable future for all.

“We’re incredibly proud of this landmark investment,” says Alyssa Watt, Senior Transaction Manager for NT Solar. “ForeFront Power has been an exceptional development partner every step of the way. Working with Forefront Power on the initial investment, and then expanding this portfolio seven months later, enabled us to make a significant impact on the communities that these installations will serve. This project is a testament to our ongoing commitment to advancing clean energy across the nation.”

The portfolio primarily consists of “canopy” systems, in which the panels are elevated over parking lots, allowing cars to park underneath. In addition to delivering significant environmental benefits and customer savings, this development style reduces the need for construction on undeveloped land and gives sprawling parking lots productive use. ForeFront Power has a very similar portfolio available with a larger total capacity that will reach commercial operation in calendar year 2024, and the company is excited about the potential to continue delivering best-in-class projects for its customers and investment partners.

Investing in an Energy Community

Several installations within this portfolio will also qualify for various additional credits, or “adders,” for being located within an “energy community.” Released as part of the Inflation Reduction Act (IRA), energy communities are designated locations that have experienced economic hardship stemming from the fossil fuel industry or other environmental hardships. These include:

• Brownfield sites: Locations contaminated by hazardous substances or pollutants. Examples include garbage dumps, former coal mines, gas stations, and chemical processing facilities.
• Communities that were predominantly supported by the fossil fuel industry and are currently experiencing higher-than-average unemployment rates.
• Communities in which one or more coal mines or coal-fired electric generating facilities have closed in recent years.

In December 2022, NT Solar provided an initial investment for a 48.5 Megawatt DC (MW-DC) portfolio of 79 solar installations. In July 2023, NT Solar further expanded its investment commitment for the same portfolio, increasing the total installation count to 100 and the capacity to 58.4 MW-DC. This additional commitment brought the total financing to $65 million in ITCs, marking this as the largest investment by installation count in NT Solar’s history, and demonstrating NT Solar’s trust in ForeFront Power as a developer and long-term partner.

 “We are thrilled to partner with NT Solar on this solar plus storage portfolio,” says Bryan Eckstein, SVP, Corporate Development & Project Finance at Forefront Power. “NT Solar’s commitment to the success of this investment was evident from the beginning, and their ongoing expertise in tax equity financing and support for a multi-project, distributed generation portfolio have ensured a smooth and efficient financing process from start to finish. Together, we’ve been able to make a significant positive impact on communities across California.”

About NT Solar

NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages capital for renewable and battery storage investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing for transactions nationwide, with a focus on the growing Community Solar market. Our varied network of partners and extensive experience in diligence and structuring provides our developers with competitive pricing and stable returns for our investors. Visit www.nt.solar to learn more.

About Forefront Power

ForeFront Power is a leading developer of commercial and industrial-scale (C&I) solar energy and battery storage projects in the U.S. and Mexico, also offering vehicle fleet electrification services. The ForeFront Power team has 15 years of experience working together to develop more than 1,400 behind-the-meter and community solar projects, totaling more than 1.1 gigawatt-DC of renewable electricity. ForeFront Power serves business, government, education, healthcare and community solar customers with a broad array of development, asset management, and advisory services from its San Francisco headquarters and via teams based in New York, Mexico City, and across the U.S. through a hybrid work model. For more information, visit www.forefrontpower.com.