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.

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.