Washington D.C. – June 5, 2026: The National Trust Community Investment Corporation (NTCIC) and NT Solar are pleased to announce the successful financial closing for the rehabilitation of Park Synagogue. This landmark investment marks the first time NTCIC and NT Solar have provided tax credit financing within the same project.

The $52 million redevelopment of the nationally significant modern landmark, designed by architect Eric Mendelsohn, will transform the historic synagogue into a multitenant arts, education, and community campus while preserving one of the most important examples of modern religious architecture in the United States. 

A Modern Landmark Begins a New Chapter 

Completed in 1953, Park Synagogue was designed by world-renowned architect Eric Mendelsohn as a new home for the Anshe Emeth Beth Tefilo Congregation following the community’s move to Cleveland Heights after World War II. Conceived as a modern synagogue integrating worship, education, and community life, the building is widely regarded as one of the most important examples of modern religious architecture in the United States. Its iconic copper clad dome and sculptural concrete forms have made it a defining architectural and cultural presence for decades. 

After the congregation established a new facility nearby in 2021, the historic building entered a new chapter, led by Sustainable Community Associates and the Friends of Mendelsohn, a development team committed to preserving Mendelsohn’s vision while reimagining the site for arts, education, and community use. 

Reimagining a Center for Arts, Education, and Community 

The rehabilitation of the 70,000 square foot Park Synagogue transforms a former single congregation house of worship into a multitenant arts, education, and community campus while preserving its most significant historic spaces. The restored building will host Oberlin College’s satellite practicing arts program, Park Arts performance and educational spaces, and Colorful Minds Studio, expanding access to education, cultural programming, and community services. 

The sanctuary and chapel are preserved for religious observance and lifecycle events, maintaining continuity with the building’s original purpose. The vision for the project reimagines and extends Mendelsohn’s original center for education and community, building on the congregation’s legacy of social engagement by opening the site to broader public use while preserving a place for Jewish life. 

Park Arts will operate the worship and assembly spaces as performance, event, and community venues, including the historic sanctuary, ballroom, Miller Chapel, library, and select classroom and performance areas. Oberlin College will establish a satellite campus for the Bachelor of Fine Arts portion of its BA/BFA double degree program, continuing the building’s historic educational function. 

The project also includes Colorful Minds Studio, which will provide arts programming for adults with developmental disabilities, supporting creative expression, inclusion, and community connection through structured artmaking. 

Preservation and Sustainability Working Together 

The rehabilitation enhances both the building and its surrounding 28‑acre campus, improving public access and long‑term environmental performance. Site improvements include new walking trails and a footbridge across the ravine, expanding access to the landscape surrounding the synagogue. 

The project incorporates a geothermal heating and cooling system and major improvements to the building’s thermal envelope, reducing energy use while supporting the long‑term preservation of this nationally significant historic structure.

Financing Preservation & Sustainability

NTCIC supported the redevelopment of Park Synagogue by providing an equity investment in the $16 million in combined Federal and Ohio State Historic Tax Credits generated through the preservation and rehabilitation of the landmark. In addition, NT Solar, a subsidiary of NTCIC, financed the $6.0 million in Investment Tax Credits generated by the project’s geothermal energy system. 

Learn more about Park Synagogue here.

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.

About NT Solar

NT Solar, an affiliate and wholly owned subsidiary of NTCIC, is a leading national investment service provider, directing capital to solar and storage projects that power local communities. The team provides end-to-end support, from sourcing and diligence through closing and ongoing reporting, leveraging Renewable Energy credits to advance environmental progress and economic opportunity.

HTC Lobby Day: June 10, 2026

Hosted by the Historic Tax Credit Coalition, join us in DC for HTC Lobby Day to voice support for HTC provisions to be included in tax legislation. In addition to setting up meetings on your behalf and providing educational materials and maps, the Coalition will be hosting a mid-morning breakfast briefing before heading to Capitol Hill.

Contact Michael Phillips for More Information Below

Preservation Advocacy Week: March 2-5, 2026

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

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

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

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

Advocating for HTC-GO in 2025

As Congress prepares for a major tax policy overhaul in 2025, the urgency to address expiring tax provisions from the 2017 Tax Cuts and Jobs Act increases. Despite delays, the upcoming legislative session will be crucial for major tax decisions affecting individuals and corporations.

This year, we are thrilled to join our advocacy partners in several upcoming HTC advocacy events and opportunities to learn more about state historic preservation incentives and priorities. These events will provide you with the latest information on the HTC legislation and equip you with the necessary knowledge to engage with legislators and advocate for the bill’s passage.

Get ready to be inspired, informed, and energized as we work together to secure crucial support for this initiative. Don’t miss out on the chance to refresh your knowledge and align your talking points as we embark on this exciting journey toward historic preservation. Let’s make history together by supporting this critical piece of legislation!

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

Revitalizing a Railway Relic

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

Head Start at the Station

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

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

Financing Preservation 

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

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

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

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

A Landmark of Industry and Labor History 

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

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

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

Anchoring a Revitalized Mill Village 

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

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

Financing Preservation 

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

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

Learn more about Loray Mill Lofts Phase 2 here.

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

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

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

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

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

Learn more about the Ellicott Mill development here.

Washington, D.C., January 6, 2026—The National Trust Community Investment Corporation (NTCIC) is pleased to announce that Kimberly Laird has joined our leadership team as Director of Asset Management. Kimberly will lead the Asset Management department, overseeing the direct management of NTCIC’s Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) investments, as well as our growing private credit portfolio. Her responsibilities include financial oversight, risk management, and compliance to ensure the long-term success of our investments and the communities they serve.

A Proven Leader in Community Development Finance

With more than 25 years of experience in community development banking, Kimberly has managed over $1 billion in equity and debt transactions across HTC, NMTC, and Low-Income Housing Tax Credit (LIHTC) programs. Her career began at Wachovia Capital Markets Group, where she managed the Southeastern asset management team focused on LIHTC investments. She later advanced to Bank of America as a Senior Vice President, overseeing asset management for Historic, New Markets, and Renewable Energy tax credit investments. Most recently, Kimberly served as Credit Risk Manager in Community Investment Capital at Synovus Bank, a regional institution headquartered in Georgia.

“Kimberly’s experience and values align with NTCIC’s commitment to preservation, equity, and performance,” said David Clower, President & CEO of NTCIC. “She will help us scale our impact while safeguarding the integrity of every investment we steward.”

Commitment to Community and Impact

Kimberly earned her B.S. in Accounting from The University of Kentucky and remains deeply engaged in community advocacy through her work with The Redress Movement in Charlotte, NC, and the NC Housing Coalition. Outside of work, she enjoys yoga, cooking, and spending time with her two sons.

“Asset management is the backbone of NTCIC’s mission to deliver transformational capital investments in underserved communities,” said Bret Mosher, Managing Director of Credit & Portfolio Management. “Kimberly’s expertise strengthens our ability to safeguard investor confidence while driving measurable social and economic outcomes nationwide.”

Please join us in welcoming Kimberly to NTCIC!

Connect with Kimberly Laird on Linkedin

About NTCIC

The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.

The National Trust Community Investment Corporation (NTCIC) is proud to announce our successful closing of financing for the redevelopment of the historic Chicora Graded School in North Charleston, South Carolina. The $37.7 million project will transform the historic and long‑vacant public school building into Cristo Rey, a new college‑preparatory high school serving exclusively low‑income students from across the Charleston region. NTCIC provided $4 million in New Markets Tax Credit allocation as well as an equity investment in the $5.5 million federal and $2.75 million South Carolina Historic Tax Credits generated by the rehabilitation. The redevelopment also will utilize $2.8MM of South Carolina’s State Abandoned Building Tax Credits. 

Originally constructed in 1935, the Chicora Graded School served the Chicora– Cherokee neighborhood, a community historically tied to employment at the Charleston Navy Yard. For decades, the building functioned as a public elementary school, first as a segregated school for white students and later as a more integrated neighborhood school. The campus expanded multiple times between 1938 and 1955, adding classrooms, an auditorium, a cafeteria, and administrative space. Following the closure of the Navy Yard in 1996, the surrounding area experienced significant economic decline and by 2011, the school faced substantial deferred maintenance ultimately leading to its closure.

Upon completion, the former Chicora Graded School will reopen as Cristo Rey High School, a college-preparatory high school designed to serve up to 400 students, all from low‑income households. The school will combine rigorous academics with Cristo Rey’s signature corporate work‑study model, which provides students with paid professional experience, mentorship, and exposure to career pathways while offsetting the cost of tuition. The rehabilitated facility will include modern classrooms, administrative offices, science and technology labs, a cafeteria and commercial kitchen, assembly and gathering spaces, and outdoor areas designed to support both academic instruction and workforce development programming. 

This project has the potential to create meaningful change in one of North Charleston’s most economically distressed neighborhoods. Within the Chicora neighborhood, nearly 40% of residents live in poverty, local schools have historically been underfunded, and graduation and college‑completion rates for students of color in the area lag significantly behind state and regional averages. By reactivating a long‑vacant neighborhood building and expanding access to high‑quality education, the redevelopment strengthens workforce readiness and supports long‑term economic mobility for students and families across the region.  

“A school is a promise,” Rev. Stanfield said. “It’s a promise to a community and a promise to its young people.” 

Learn more about Cristo Rey here.

The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the historic Tower Life Building, formerly known as the Smith-Young Tower, in downtown San Antonio. The $125 million project will transform the iconic building into 242 apartment residences, along with retail spaces on the street and river levels, providing housing and neighborhood vibrancy to the heart of the city.

Designed by renowned architects Atlee Ayres and Robert Ayres, the Tower Life Building was one of the many key structures in San Antonio’s urban development. The father-son duo was instrumental in designing several prominent buildings, including the Municipal Auditorium, Plaza Hotel, and the Federal Reserve Bank.

The building first housed businesses, professionals, and San Antonio’s first Sears, Roebuck and Company department store. Its unique history also includes being a mooring mast for a blimp, a performance venue for aerialists, and even the headquarters for the Third U.S. Army.

The revitalization project, brought to life by McCombs Enterprises, J Jeffers and Co., and many others, will transform the Tower Life Building into a lively mixed-use space that blends the historic charm of the building with modern amenities in the 242 apartments, a portion of which will be offered with affordable rents for qualifying residents.

“We are committed to creating a place that inspires hometown pride and invites new energy into our downtown,” says Jon Wiegand, Managing Director of Real Estate at McCombs Enterprises. “We welcome a community that reflects the cultural diversity of San Antonio. A portion of the building’s apartments will be offered with affordable rents to provide homes for artists, teachers, restaurateurs, nurses, first responders, and others whose life stories make up the fabric of our city.”

The renovation plans include state-of-the-art amenities, such as an outdoor patio deck, community space, and a fitness center, designed specifically for residents. Additionally, an adjacent parking garage will serve both residents and commercial tenants. The building, which was once the tallest structure in San Antonio until 1968, remains the tallest 8-sided building in the U.S., continuing its legacy as a focal point in the city’s skyline.

This revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million Federal Historic Tax Credits and $21 million State Historic Tax Credits generated by the project. NTCIC played a crucial role in the capital stack and will continue to collaborate with the development team to ensure the project’s success.

“Our team was pleased to partner with J. Jeffers on yet another exciting and impactful redevelopment”, says Amanda Bloomberg of NTCIC.  “The Tower Life Building is an iconic feature of the San Antonio skyline, and we’re thrilled to be a part of bringing new life to one of the Alamo City’s most historic buildings.”

The newly revitalized Tower Life Building will not only provide much-needed housing in the heart of the city but also offer retail space, further contributing to the growth, vibrancy, and development of San Antonio’s downtown and river district.

Learn more about NTCIC’s involvement in the project here.

The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the $40.2 million revitalization of Benn High’s NMTC Condo in Bennington, Vermont. This transformative redevelopment will breathe new life into a historic 1913 former school building by creating a dynamic, community-centered hub with workforce housing, community recreation space, a senior center, and more. NTCIC provided a $5 million New Markets Tax Credit (NMTC) allocation and facilitated an equity investment in the $5.6 million in federal Historic Tax Credits (HTCs) generated by the project.

The historic Bennington High School, an iconic example of Beaux Arts public architecture, served students for nearly 100 years before closing its doors. Vacant since 2004, the building is now poised for a new future through an adaptive reuse project known as Benn High.

“NTCIC is incredibly proud to have played a role in the Benn High redevelopment,” said Amanda Bloomberg, Senior Acquisitions Manager at NTCIC. “It was truly a pleasure collaborating with Zak Hale and the various players whose dedication and vision brought this transformative project to life. With its diverse and creative financing sources, we believe Benn High will serve as a case study for future redevelopment efforts across the country.”

The NMTC Condo totals 72,000 sq ft, which will include 22 workforce housing units and nearly 48,000 sq ft of commercial and community space. Tenants include the Town of Bennington, leasing over 28,000 sq ft for a new community recreation and senior center, the YMCA, operating a 102-seat childcare center that will serve mostly low-income families, the University of Vermont Extension, offering agricultural, nutrition, and community development programs to over 1,000 residents annually, and more.

The project also incorporates geothermal and solar technologies, making it 100% electric. Significant Brownfield Remediation Funds (BRF) were secured from both Vermont and the federal government to address contamination from a pre-existing 19th-century machine workshop on site.

The community impact of Benn High is far-reaching. It is projected to create 24 new permanent full-time jobs and 92 high-quality construction jobs, retain 35 existing jobs, create access to new recreation programs for more than 4,300 individuals, provide childcare for 102 children, with 55% from low-income households, host senior programming for 150+ local seniors, expanded nutrition education through the UVM extension program, and more.

“The Benn High Redevelopment has been the most challenging and rewarding endeavor of my career,” said Zak Hale, CEO of Hale Resources LLC. “Bringing together more than 30 financing sources and aligning them with the realities of a century-old school building required persistence and creativity at every turn. We’re grateful to NTCIC and our many partners for their support in making this project possible. Most importantly, Benn High will once again be a place that brings people together, providing housing, childcare, recreation, and services that will strengthen Bennington for generations to come.”

Located in an area with high levels of community need, the Benn High redevelopment will not only generate additional housing options but will serve as a community hub providing critical resources to residents of all ages. NTCIC’s investment in Benn High continues its mission to revitalize historic spaces in underserved communities, delivering inclusive, resilient, and economically sustainable development.

Learn more about NTCIC’s involvement in the project here.

July 2025 Policy Update

WASHINGTON, DC, July 16, 2025 – The House Republican Reconciliation Bill, “One Big Beautiful Bill”, was signed into law on July 4th. Community development advocates are celebrating that the New Markets Tax Credit is now permanent and not subject to expiration as has been the case for the last 25 years. This is a huge legislative victory and a celebration for the NMTC advocacy community. The permanency of this credit will allow for continued and uninterrupted investment in economically distressed communities for years to come.

However, the bill also rolls back clean energy credits for wind and solar energy, requiring these projects to begin construction within one year of bill passage, or be placed in service by the end of 2027, to receive the tax credit. Wind and Solar projects that begin construction by July 2026 will have four years to begin operations and receive the credit. NTCIC expects this policy to create a “pull-forward” effect, resulting in an especially active solar marketplace for the next few years. Notably, energy storage and other clean energy projects, including geothermal and hydro, still qualify for the full 48E credit through 2033.

Despite an outpouring of advocacy, no improvements for the Historic Tax Credit were included in the bill, but it is not overlooked that sustained advocacy has positively positioned the HTC to not be targeted for a rollback or elimination as it was in 2017.

There may be opportunities to improve these incentives in a bipartisan tax bill later this year or possibly another reconciliation bill. Our work is not done, and to remain in the tax code and to enact improvements, advocacy must continue and ramp up at the next opportunity for all these important incentives.