NT Solar Celebrates Fourth Investment with Summit Ridge Energy

Washington, D.C. – July 25, 2023: NT Solar, a nationwide solar tax credit syndicator and investor, is proud to announce the successful equity placement of solar tax credits generated by the development of two standalone Tesla MegaPack battery storage systems in New York City in partnership with Summit Ridge Energy, the nation’s leading commercial solar and energy storage company.

“We are excited to continue building on our solid partnership with Summit Ridge Energy while adding the first stand-alone battery storage investment to our portfolio,” said Karin Berry, Managing Director of NT Solar. “We remain committed to investing in the growth of community solar and supporting projects that bring organizations closer to a carbon-neutral future.”

Once complete, the 31 MWh-capacity system will provide bill credits to the NYU Langone Hospital, one of the nation’s premier academic medical centers, serving more than 60,000 patients annually. The hospital signed an offtake agreement to purchase bill credits from the Energy Storage System to support its sustainability goals.

As part of the hospital’s commitment to becoming a carbon-neutral health system by 2050 and 50% neutral by 2030, the hospital will utilize stored energy within the battery systems during peak hours, reducing the hospital’s demand on the grid during periods of high electricity consumption in NYC, thereby increasing grid resiliency.

Battery storage systems provide a host of benefits to both the grid and consumers, including cost savings, environmental benefits, and efficient, dispatchable delivery of electricity. These installations will provide flexibility to the grid, a critical component of reliability and resilience, allowing utilities to integrate more intermittent renewable power sources into the grid mix. By smoothing out the delivery of variable renewable resources such as wind and solar, battery storage systems supply power produced during non-peak hours to the grid when demand is highest. As the grid’s energy supply mix gets cleaner, energy storage will be a critical dispatchable electricity resource, offsetting the need for fossil fuel peak-power plants.

The installations, which will reach commercial operation in mid-2023, were spearheaded by Summit Ridge Energy. In addition to the ITC investment, NT Solar will provide compliance, reporting, and asset management services through the investment cycle.

This is NT Solar’s first stand-alone battery storage investment and the fourth portfolio investment with Summit Ridge Energy, both made possible through NT Solar’s Climate Impact and Revitalization Fund. NT Solar first partnered with Summit Ridge Energy in 2020 to provide an equity investment in the solar tax credits generated by the creation of a portfolio of twelve ground- and roof-mounted sites across Illinois and Maryland, the largest roof-mounted solar installation in the country.

“Summit Ridge Energy and NT Solar are working together to make electric supply more resilient and provide clean energy savings for NYU Langone Hospital,” said Adam Kuehne, Chief Investment Officer, Summit Ridge Energy. “Our ongoing partnership with NT Solar supports our goal of strengthening New York City’s grid while lowering power bills for the city’s major institutions.”

To read the full PR Newswire release, click here.

About NT Solar

NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $500 million in capital 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. To learn more about NT Solar, click here.

About the Sponsor

Launched in 2017, Summit Ridge Energy is the nation’s leading commercial solar company. Through its strategic partnerships and project financing expertise, the company develops and acquires pre-operational projects within the rapidly growing solar energy and battery storage sectors. In the past five years, SRE has deployed over $1.6B USD into clean energy assets. With a development pipeline of more than 2 GW, SRE will have more than 400 MW of PV online by the end of 2023, providing solar power to approximately 50,000 homes. Learn more at srenergy.com and follow us on LinkedIn and Twitter.

This month, the Novogradac Journal of Tax Credit profiled younger leaders and rising stars in the community development space, including NTCIC’s Heather Buethe. Joining the company in 2018, Heather has directed transaction closing and asset management efforts for Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) investments and has facilitated nearly $2 billion in equity. Take a look at what Heather had to say about her journey through the community development and tax credit finance world.

Rising Stars: Novogradac Spotlights Younger Leaders in Community Development

Nick Decicco, Brad Stanhope, Novogradac

Playing competitive softball for nearly two decades shaped Heather Buethe’s approach.

“Playing softball, you can’t do it with just one person,” said Buethe (pronounced BEE-thee), the senior director of project and asset management at National Trust Community Investment Corporation (NTCIC), where she oversees the historic tax credit (HTC) and new markets tax credit (NMTC) project and asset management team. “I’m super competitive, but you can’t be successful in softball without having good teammates and you can’t do it without interacting with your team and building strong relationships.”

“It’s about working as a team and moving toward the same goal.”

Merrill Hoopengardner, who led NTCIC from early 2016 until last December, said she sees that connection.

“I would think her softball experience was very formative in the sense that even if you have a star player in one or two positions, you have to have everyone on the field meeting a minimum level of standards,” Hoopengardner said. “While she’s brilliant, she’s also humble in a way that she thinks first about how to bring other people’s expertise into it. She’s a good listener and will work with people in groups and in private settings to understand what others are thinking. I can definitely see playing college-level sports as a way to learn how to work with other high-powered people and to get the most out of each person.”

Softball lessons–along with an elite understanding of the financial and legal worlds–have guided Buethe through a career that involves work with law firms, a major financial institution, and now NTCIC.

“Heather is very good at what she does,” said Thomas Boccia, CPA, a partner in Novogradac’s Cleveland office. “She’s facilitating projects, troubleshooting, and when there are issues, coming in and understanding. She asks questions and helps. Heather gets it quickly and picks up things.”

Click below to read the full article and profiles of the rising stars of community development.

 

 

Washington, D.C. – May 23, 2023: National Trust Community Investment Corporation (NTCIC) is thrilled to announce the successful New Markets Tax Credit (NMTC) and Historic Tax Credit (HTC) investment to support the revitalization and expansion of the historic YWCA of Wheeling, West Virginia.

Since its establishment in 1906, the YWCA of Wheeling has been a beacon of progressive ideals and champion for equal access regardless of race, even amidst the Jim Crow-era laws of the early 20th century. With a mission of “eliminating racism, empowering women, and promoting peace, justice, freedom, and dignity for all,” the YWCA of Wheeling has been operating from this historic location, growing its programs, and continuing to support the women and families of Wheeling. However, the century-old building now requires essential repairs and upgrades to ensure the YWCA can continue its mission into the future.

“This building is steeped in over a century of helping meet women, families, and men where they are. Over the years, we have grown and morphed to meet the changing needs of the community, and in order to continue this hard work, we need to make changes to our historic Chapline Street location,” said Lori Jones, Executive Director of the YWCA Wheeling.

The YWCA currently serves 7,400 participants each year through a range of programs, including a non-treatment residential substance use recovery program, case management services, youth empowerment, a no-cost clothing and shoe bank for individuals and families, an emergency shelter, and support services for women and families experiencing domestic violence.

The renovation of the century-old YWCA of Wheeling building will enhance the quality of life for employees, residents, and community members and support an additional 1,200 women and families each year. Critical renovations include expanded and enhanced programming space, expanded and refreshed residential and shelter space, which will provide space for up to 55 women and families, new HVAC, and upgraded plumbing and electrical – all to ensure the YWCA’s sustainability in its mission to provide vital services for women and families in need.

NTCIC provided a $10 million NMTC allocation for the project and facilitated the investment of the $6.1 million in both state and federal HTCs generated by the revitalization efforts. The swift closing facilitated by NTCIC enabled the YWCA to begin construction promptly, limiting program disruption and enabling the organization to quickly expand its crucial services and provide a safe haven for women and families at risk.

“YWCA of Wheeling has provided life-saving services for so many over its history and serves as a beacon of hope and positive change for so many women and children,” said Kathleen Galvan, NTCIC Acquisitions Manager. “NTCIC is honored to play a part in supporting its mission and enabling this important organization to grow.”

In undertaking this project, the YWCA continues its long history of progressive action and service to the underrepresented members of the Wheeling community. The renovation of the YWCA facility not only preserves a piece of Wheeling’s history but also ensures that the building continues to function as a vital resource for women and families in the area. Click here to read more about the history of the building.

ABOUT YWCA OF WHEELING

Since 1906, the YWCA of Wheeling has provided services to individuals regardless of race, gender, age, or religion in the West Virginia Northern Panhandle, including Ohio, Marshall, Brooke, Wetzel, Hancock Counties, and Belmont and Jefferson Counties in Ohio.

 

HTC Advocacy Leaders Eye Upcoming Economic Package
as Marker for Bipartisan Tax Deal Later this Year

May 16, 2023: Despite national attention focused on the debt limit negotiations between House Republicans and President Biden, the Historic Tax Credit Growth and Opportunity Act (HTC-GO) is steadily gaining support from both Republicans and Democrats.

In March, Representatives Darin LaHood (R-IL) and Earl Blumenauer (D-OR) and Senators Ben Cardin (D-MD) and Bill Cassidy (R-LA) introduced HTC-GO (H.R.1785/S.639). The House and Senate bills include four permanent provisions that will add value to the Historic Tax Credit (HTC), improve access to the credit, and increase investment in smaller rehabilitation projects. The House bill also includes a provision that will temporarily increase the tax incentive amount to help address the significant challenges currently facing historic rehabilitation projects throughout the nation. Presently, the legislation has 20 cosponsors in the House and eight cosponsors in the Senate.

The House Ways & Means Committee is expected to mark up a partisan economic package soon, the scale of which remains to be seen. The bill will likely include individual and small business relief, an extension of certain expired tax provisions (e.g., bonus depreciation, deductibility of business interest and Research & Development expensing), and Inflation Reduction Act repeal. This package is expected to be voted upon by the full House as early as June.

DC advocacy coalitions are determining if community development improvements can be added to these discussions and be considered in the legislation. Democrats will not support many of the provisions and how the provisions are funded. This bill will serve as a Republican marker for possible future tax bill negotiations later this year. HTC advocates will continue to monitor these efforts to determine what legislative tax vehicle might come forward this summer and later this year. An abundance of Members of Congress demonstrating support for HTC-GO through cosponsorship will elevate HTC-GO’s chances of being considered in any year-end tax legislation.

Join us for HTC Lobby Day in DC on Wednesday, June 14th

The Historic Tax Credit Coalition is hosting its annual HTC Lobby Day in DC on June 14th. If you are a resident in any of the following states: AL, AZ, AR, CA, FL, ID, IN, IA, KS, KY, LA, ME, MS, MO, MT, NE, NY, NC, ND, OH, OK, OR, SC, SD, TN, TX, WV, WI, WY, please consider participating to voice strong support for HTC-GO provisions to be included in future moving tax legislation. Since June 14th 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. To allow most participants to fly in on the morning of the 14th, the Coalition will host a mid-morning breakfast briefing and then head to Capitol Hill between 11 am – Noon for an afternoon of meetings.

CLICK HERE for more details on upcoming HTC advocacy events!

Washington, D.C. – May 15, 2023: National Trust Community Investment Corporation (NTCIC) is excited to announce the successful financial closing of Findlay Parkside, a $27 million adaptive reuse project in the Over-The-Rhine neighborhood of Cincinnati, OH. NTCIC provided a $10 million New Markets Tax Credit (NMTC) allocation and equity investments in the $9 million in federal and state Historic Tax Credits (HTCs) generated by the initiative to support the creation of mixed-income housing and commercial spaces in one of the country’s most intact urban historic districts.

The Findlay Parkside project showcases a unique use of tax credit financing by revitalizing nine scattered site low-rise buildings within a single transaction. Once complete, they will become 51 apartments, with 26 designated as affordable housing, and over 16,000 square feet of ground-floor commercial retail space supporting up to 10 small businesses, primarily focused on BIPOC entrepreneurs.

“Buildings with project costs under $5 million are underrepresented in the NMTC industry,” said NTCIC Project Manager Tony Maruca. “It takes a visionary developer such as The Model Group to package nine such buildings (comprising 10 building permits and 11 separate NPS applications) into an efficient NMTC/HTC twin deal. The Model Group was able to marshal all the necessary public and private sources because of their unwavering commitment to delivering on the community impacts. This project builds on their previous work in Over-the-Rhine, creating affordable housing and supporting small businesses, which are what makes the neighborhood special.”

A prime example of historic preservation, sustainable development, and social impact, the Findlay Parkside project will generate 160 construction and permanent jobs and is designed to achieve LEED Silver certification, emphasizing the importance of retaining and repurposing existing structures to reduce waste, decrease the consumption of raw materials, and lower carbon emissions compared to new construction or demolition.

NTCIC supported the project completion by sourcing, underwriting, and facilitating the equity investment in the $9 million in federal and state Historic Tax Credits generated by the revitalization efforts. NTCIC also provided $10 million in New Markets Tax Credit (NMTC) allocation from their 2019 allocation round, which prioritizes investments in impactful commercial and mixed-use projects that serve as centerpieces for local redevelopment plans, elimination of blight, and the stimulation of economic activity.

Other financing sources included NMTC source debt, HTC bridge debt, sponsor equity, and additional NMTC allocation from RBC Community Capital and Truist Community Capital. TIF financing from the City of Cincinnati is also anticipated.

NT Solar, a nationwide solar tax credit syndicator and investor, is proud to announce the successful equity placement of over $7 million in solar tax credits generated by the development of two community solar installations across Massachusetts and Connecticut in partnership with Lodestar Energy, one of the most established Independent Owner Operators in the Northeast United States. This is NT Solar’s 6th investment with Lodestar.

Reaching mechanical completion in April of 2023, the combined 11.5-Megawatt ground-mount solar and solar plus battery storage systems will provide renewable energy to the City of Hartford along with six public housing authorities across Massachusetts which are responsible for nearly 3,000 affordable housing units.

 

 

The Massachusetts installation will participate in the state’s SMART Virtual Net Metering program, allocating credits to customers based on the solar energy generated from the installation. These credits will reduce customers’ energy bills by approximately 10% each month. This installation includes a battery storage component, supporting grid resiliency and integration of intermittent renewable power sources to the grid mix.

The second installation, located in North Canaan, Connecticut, will participate in the CT Virtual Net Metering program. The project will supply electricity to the City of Hartford, CT, providing monthly electricity cost savings to the city while reducing the city’s reliability on fossil fuels.

“Lodestar Energy is excited to complete our 6th investment with NT Solar,” said Jack Funk, Lodestar Energy Managing Director. “With their support, we are able to provide our community solar partners with an opportunity to make progress toward their climate goals, while also generating economic development and energy savings.“

BY THE NUMBERS

The installations developed by Lodestar Energy will generate nearly 9 gigawatt-hours (GWh) annually, which:

• Creates enough electricity to power nearly 1,200 homes each year
• Offsets CO2 emissions generated from burning nearly 7 million pounds of coal annually
• Sequesters the same amount of carbon from the atmosphere as over 7 thousand acres of forest

“This investment and our continued partnership with Lodestar Energy strengthen our commitment to ensuring Community Solar is accessible to all and bring us one step closer to our vision of a sustainable future,” said Alyssa Watt, Senior Transaction Manager for NT Solar. “By facilitating access to renewable energy for thousands of families, we are investing not just in solar installations but also in the people they serve. We are particularly proud of the impact these installations will have on underinvested communities that had traditionally lacked access to renewable energy. At NT Solar, we are motivated by creating meaningful community impact and providing cost-effective energy options. This investment is a testament to that commitment.”

ABOUT COMMUNITY SOLAR

Community Solar is a revolutionary concept that offers renters, homeowners, businesses, nonprofit organizations, and municipalities equal access to the generation and distribution of clean, renewable energy while moving our country closer to a net-zero future. Community solar projects involve the construction of a large, centralized solar facility that many households and businesses can tap into. Rather than purchasing and installing solar units individually, participants can purchase a portion of the electricity produced from a shared solar power installation, lowering their monthly utility costs and circumventing the need for personal solar panels.

Community solar expands access to solar for all, including low-to-moderate income customers most impacted by a lack of access, all while building a stronger, distributed, and more resilient electric grid. Through community solar, communities gain access to affordable, green energy, reducing their electricity bills and contributing to a healthier environment. This way, the transition to sustainable energy becomes more inclusive and equitable, making a positive impact on the environment and society.

According to the Solar Energy Industries Association (SEIA), over 5 gigawatts of community solar have been installed in the US through 2022. 41 states currently have at least one community solar project online, and 19 have public programs to support future growth. It’s estimated that the community solar market will see an additional 6 gigawatts added in the next five years.

ABOUT THE SPONSOR

Founded in 2014, by Jeff Macel and Jaime Smith, Lodestar Energy’s goal is to develop sustainable solar energy projects that are environmentally, socially, and financially successful. Since the founding of the company, Lodestar has successfully developed and placed-in-service more than 40 projects with a combined value of over $300 million dollars. In total the projects offset more than 53,000 tons of CO2 and power the equivalent of more than 13,000 homes annually. To learn more about Lodestar Energy, click here.

ABOUT NT SOLAR

NT Solar, a subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $650 million in capital for transactions nationwide, focusing 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. To learn more about NT Solar, click here.

Originally published by Silicon Ranch Corporation 

NASHVILLE, TENN (APRIL 11, 2023) – NT Solar, a nationwide solar tax credit syndicator and investor, joined Silicon Ranch Corporation, Vanderbilt University, Nashville Electric Service (NES), and Tennessee Valley Authority (TVA) today to “flip the switch” on the Vanderbilt I Solar Farm, a 35-megawatt (MWAC) solar facility located in Bedford County, Tennessee.

NT Solar, a subsidiary of the National Trust Community Investment Corporation (NTCIC) and an affiliate of the National Trust for Historic Preservation, provided syndication and investment services for the Solar Investment Tax Credits (ITC) generated by the development through their Climate Impact and Revitalization Fund. Karin Berry, Managing Director of NT Solar, and Suzanne Brown, Interim President of NTCIC, attended the event to share in the celebration. Read more about our investment here.

“NT Solar is delighted to be part of the Vanderbilt I Solar Farm project, a testament to the powerful synergy of community and renewable energy,” said Karin. “Our collaboration with Silicon Ranch Corporation embodies our shared dedication to bolstering local economies, fortifying communities, and restoring environmental health. This project not only brings renewable energy on a substantial scale but also opens up job opportunities, prioritizing local residents and the military veteran community. It truly illustrates the impact that strategic renewable energy initiatives can have on a community, and we are thrilled to play a part.”

“The Vanderbilt I Solar Farm not only represents a major step toward our own goals at Vanderbilt but also provides a model of collaborative, forward-thinking solutions that we hope other higher educational institutions will adopt and replicate across this country,” said Daniel Diermeier, Chancellor of Vanderbilt University. “We look forward to the educational and research opportunities this project and our pursuit of carbon neutrality will yield for our faculty and students at Vanderbilt. We thank Silicon Ranch, NES, and TVA for supporting us on this bold journey.”

“TVA is proud to dedicate the first project ever developed under our Green Invest program, and we are thrilled to do so with NES and Silicon Ranch,” said Justin Maierhofer, Regional Vice President at TVA. “Together with 153 local power company partners, TVA is building the energy system of the future, and Green Invest positions us to bring together customers and renewable energy partners who are investing in communities across the Tennessee Valley.”

“As one of the eleven largest utilities in the nation, NES is committed to listening to the needs of our customers, and the Vanderbilt I Solar Farm illustrates our ability to innovate in response to help our customers achieve their desired outcomes,” said Teresa Broyles-Aplin, President and CEO of NES. “NES is proud to collaborate with Vanderbilt, TVA, and Nashville’s own Silicon Ranch to reduce carbon emissions in our region.”

“Bedford County wishes to thank Vanderbilt, Silicon Ranch, NES, and TVA for making this substantial investment in our community possible,” said Chad Graham, Mayor of Bedford County. “We are pleased to welcome Silicon Ranch, who not only built this world-class facility, but also collaborated with the Shelbyville-Bedford Partnership to support our successful efforts to bring Duksan Electera here as well.”

About NT Solar

NT Solar, a women-led subsidiary of the National Trust Community Investment Corporation, raises and manages solar investments that create meaningful community impact and cost-effective energy options nationwide. Since its inception in 2010, NT Solar has provided tax credit financing of over $650 million in capital 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. To learn more, visit nt.solar.

About Silicon Ranch

Founded in 2011, Silicon Ranch is a fully integrated provider of customized renewable energy, carbon, and battery storage solutions for a diverse set of partners across North America. The company is one of the largest independent power producers in the country, with a portfolio that includes more than five gigawatts of solar and battery storage systems that are contracted, under construction, or operating across the U.S. and Canada. Silicon Ranch owns and operates every project in its portfolio and has maintained an unblemished track record of project execution, having successfully commissioned every project it has contracted in its history. Silicon Ranch has the largest utility scale agrivoltaics portfolio in the country under Regenerative Energy® its nationally recognized holistic approach to project design, construction, and land management. This model incorporates regenerative ranching and other regenerative land management practices to restore livelihoods and soil health, biodiversity, and water quality. In 2021, Silicon Ranch acquired Clearloop, which helps businesses of all sizes reclaim their carbon footprint with a direct investment in building new solar projects while helping to bring renewable energy and economic development to distressed communities. To learn more, visit siliconranch.com and clearloop.us.

About Tennessee Valley Authority (TVA)

The Tennessee Valley Authority is a corporate agency of the United States that provides electricity for business customers and local power companies, serving nearly 10 million people in parts of seven southeastern states. TVA receives no taxpayer funding, deriving virtually all of its revenues from sales of electricity. In addition to operating and investing its revenues in its electric system, TVA provides flood control, navigation, and land management for the Tennessee River system and assists local power companies and state and local governments with economic development and job creation.

About Vanderbilt University

Vanderbilt University is a globally renowned research university located in Nashville, Tennessee. Ranked No. 13 among national universities, Vanderbilt offers an immersive living-learning undergraduate experience, with programs in the liberal arts and sciences, engineering, music, education, and human development. The university also is home to nationally and internationally recognized graduate schools of law, education, business, medicine, nursing, and divinity and offers robust graduate-degree programs across a range of academic disciplines. Vanderbilt is committed to inclusive excellence, drawing the world’s brightest students, faculty and distinguished visitors from across all cultural and socioeconomic backgrounds, and provides a collaborative atmosphere of discovery that drives positive change in the world. Learn more at www.vanderbilt.edu.

About NES

Nashville Electric Service (NES) is the 11th largest public electric utility in the nation, distributing energy to more than 420,000 customers in Middle Tennessee. For more information, visit nespower.com or nespowernews.com.

NTCIC’s Historic Tax Credit Investment Supports the $80 Million Mercantile Project

Washington, D.C. – March 25, 2023: The National Trust Community Investment Corporation (NTCIC) is excited to announce the successful financial closing of The Mercantile, an $80 million adaptive reuse project in downtown Cincinnati, Ohio. This project showcases how historic preservation can effectively combat the growing housing crisis by transforming two historic office buildings into much-needed housing in Cincinnati’s urban core. NTCIC provided an equity investment in the $12.7 million in federal Historic Tax Credits (HTCs) to revitalize the historic Mercantile Library Building and Formica Building in the heart of the city.

 

The project includes a unique combination of two adjacent historic buildings, the 13-story beaux-arts Mercantile Library Building, dating from 1903, and the 13-story high modern Formica Building, built in 1970. Once complete, the revitalized spaces will create market-rate housing and commercial spaces while preserving the historic integrity of both structures.

The Model Group, a Cincinnati-based leader in historic preservation, mixed-use urban development, and affordable housing, is the project partner responsible for the revitalization efforts. The Mercantile will feature commercial space on the first two floors, with the remaining floors being adaptively reused for market-rate rental apartments. The exception is the 11th and 12th floors, in which the project will expand and enhance the legendary Mercantile Library, a cultural institution that has been the center of Cincinnati’s literary community for over 200 years.

In the wake of the pandemic, the need for housing has been exacerbated, and the Mercantile project demonstrates the future of adaptive reuse – converting office buildings, which are becoming more and more vacant as many companies shift to remote environments.

“We’re proud to participate in this project that will prove it is possible to convert downtown office buildings, even modernist office buildings, to housing with distinct appeal,” said NTCIC Project Manager Tony Maruca. “Expertise not just in project finance but also design, construction, and operations make the Model Group the ideal steward of both our investment and these treasured historic buildings.”

The Mercantile project highlights the challenges and successes of office conversions, particularly in the case of the Formica Building, a modern office building from the 70s. The Model Group, an innovative partner in this project, has demonstrated the ability to envision new uses for a contemporary office building while respecting its historic character.

This transformative project will contribute to the ongoing revitalization of downtown Cincinnati, stimulating economic growth and attracting new investment. NTCIC’s financing, combined with traditional debt, sponsor equity, state HTCs, the recently created Ohio Transformational Mixed-Use Development (TMUD), and Ohio Opportunity Zone financing, will help ensure successful project completion.

Click here to read more about the project development.

About National Trust Community Investment Corporation (NTCIC)

NTCIC is an industry leader in providing investment capital, asset management, and innovative financing solutions for historic preservation and community development. Since its inception, NTCIC has contributed to the rehabilitation of more than 22 million square feet of historic real estate, creating nearly 80 thousand jobs and generating more than $2 billion in project financing.

Talking Points, Outreach Guides, and Resources for HTC-GO Advocacy

Now more than ever, advocates need your support to urge members of Congress to Cosponsor the Historic Tax Credit Growth & Opportunity Act (HTC-GO). To help, we have put together a collection of resources, outreach guides, and talking points to help you take action for the HTC-GO and help make this bill a reality.

History of the Historic Tax Credit

The federal Historic Tax Credit (HTC) is a critical community development tool used to encourage investment in the rehabilitation of historic buildings nationwide. Since the program’s establishment in 1976, the HTC has leveraged nearly $235 billion in private investment to preserve more than 49,000 historic properties and support more than 3.2 million jobs. 

Unfortunately, the value of the HTC has diminished over the past decade because of IRS rulings, administrative burdens, and other legislative changes. In an effort to expand and enhance this critical community development program, Congress introduced the Historic Tax Credit Growth & Opportunity Act (HTC-GO). It includes provisions that would encourage more building reuse and redevelopment nationwide and would be particularly impactful for small, midsize, and rural communities.

Learn About the Historic Tax Credit, Advocacy Efforts, and the HTC-GO

• Learn about the provisions within the HTC-GO: What is the Historic Tax Credit Growth & Opportunity Act?
• Connect with NTCIC and stay up to date on HTC-GO advocacy efforts: HTC-GO Advocacy Updates from NTCIC
• Meet other organizations in support of the bill: Preservation Organizations Support the HTC-GO.
• Check to see if your House or Senate representatives are already supporting the HTC-GO.
• Learn about successful Historic Tax Credit-supported projects in your area: Federal Historic Tax Credit Projects by State.

Take Action for the HTC-GO

• Search for local and political events or join a local political party’s email list to learn about events your members of Congress might be attending.
• Connect with NTCIC for assistance in obtaining the contact information of the scheduling office for your members of Congress.
• Invite your Representative to tour successful Historic Tax Credit-supported projects.
• Request cosponsorship through the National Trust for Historic Preservation’s E-Advocacy Tool.
• Utilize the suggested talking points below for your conversations with your members of Congress.

HTC-GO Talking Points & Advocacy Requests

• The number of historic preservation projects has significantly decreased over the past several years – by as much as 20%.
• In addition to skyrocketing costs of materials and labor and rising interest rates, the Historic Tax Credit – our country’s most powerful tool for preservation has lost power and value.
• Historic Tax Credits have lost value over the past ten years due to IRS revenue procedures and other recent federal policies.
• Pricing of the credits has dropped 20-25% over the last ten years.
• “Now is the time to strengthen the Historic Tax Credit to address the slowdown and challenges in rehabilitation projects across the country.”
• The HTC has not been positively modernized since 1986. In light of other federal investment tax credits being significantly enhanced recently, it is important to improve this incentive.
• “Would you please cosponsor House Bill H.R. 1785/Senate Bill S. 639 – The Historic Tax Credit Growth and Opportunity Act (HTC-GO) and work to include these provisions in year-end legislation?”
• The Historic Tax Credit Growth and Opportunity Act (HTC-GO H.R. 1785/S. 639) would bring more value to the credit, make more historic buildings eligible to use the HTC, further incentivize smaller projects and nonprofit projects, and make the credit easier to use.

Historic Illinois Building will Become InterContinental Hotel with Historic Tax Credit Investment

WASHINGTON, DC, March 30, 2023 – The National Trust Community Investment Corporation (NTCIC) is excited to announce the successful financial closing of the Illinois Building, an iconic office building located in the heart of the Mile Square business district of Indianapolis, Indiana. The revitalization project, led by Keystone Group, a development, construction, property management, and investments company specializing in transformational mixed-use projects, will transform the building into a 170-key full-service luxury InterContinental hotel and restaurant space. NTCIC provided an equity investment in federal Historic Tax Credits (HTC) generated by the preservation efforts.

Historic Origins

Constructed in 1926, the Illinois Building was designed by the renowned architectural firm Rubush & Hunter, who were responsible for several iconic landmarks in Indianapolis, such as the Masonic Temple, City Hall, Circle Theater, Indiana Theater, and the Stutz Motor Company complex. Commissioned by the president of what is now Levi Strauss & Company, the building served as luxurious office space for nearly 70 years before becoming predominantly vacant by the mid-2000s. Indiana Landmarks listed the building on its 10 Most Endangered list in 2006, spurring interest in its revitalization.

The Revitalization of Downtown Indianapolis

Keystone Group will oversee the transformation of the 10-story, 135,004 square-foot Illinois Building into a 170-key luxury InterContinental hotel managed by IHG. The project will retain the two ground-floor restaurants currently occupying and operating the space, add a 2nd-floor hotel restaurant and bar, and create a rooftop bar and venue.

“The restoration of the Illinois Building is a testament to our commitment to preserving the architectural heritage of downtown Indianapolis,” said Ersal Ozdemir, Keystone Group CEO. “With the transformational development of this long-vacant historic treasure, we are not only reinvigorating the central business district but also attracting more activity and fostering a vibrant, thriving urban core that benefits residents and visitors alike.”

NTCIC’s Historic Support

To facilitate the restoration of the Illinois Building, NTCIC financed federal Historic Tax Credits generated by the project through its Climate Impact and Revitalization Fund. NTCIC provided underwriting and transaction management services and will provide asset management services through the HTC compliance period.

“We are proud to collaborate with Keystone Group for the Illinois Building restoration, who have demonstrated exceptional stewardship, commitment to quality preservation, and dedication to the local community,” said Amanda Bloomberg, NTCIC’s Senior Acquisition Manager. “Their track record of thoughtful development reinforces our confidence in the project’s potential to make a lasting impact on downtown Indianapolis.”

The conversion of the historic downtown Illinois Building into a hotel exemplifies the shift of companies to more remote and flexible work arrangements and a reduction in the demand for traditional office spaces. This trend has led to an increased interest in repurposing these historic spaces into other types of properties, such as hotels, housing, and retail, which can cater to the evolving needs of urban centers.