WASHINGTON, DC, September 3, 2025 – The National Trust Community Investment Corporation (NTCIC) is proud to announce the launch of NT Impact Capital, a new impact asset investment management platform to bring mission-aligned, private credit capital solutions to fund inclusive economic growth, historic preservation, and renewable energy initiatives at scale.

“NT Impact Capital is a natural extension of NTCIC’s outstanding, 25-year track record, which includes nearly $3 billion in tax credit equity investments and the $1.5 billion in assets we currently manage for institutional investors,” said David Clower, President & CEO of NTCIC and NT Impact Capital. “We’ll be raising a series of thematic private credit impact funds to advance our work in preservation and sustainability-focused community development finance through several private credit strategies designed to deliver social outcomes and attractive, risk-adjusted returns.”

To lead this effort, NTCIC welcomes Adrian Ruiz as Managing Director of the newly-formed subsidiary, who will oversee and execute its business strategy by originating, structuring, and managing high-impact investments.

Adrian has over 15 years of leadership experience in nonprofit and community development finance. Prior to joining NTCIC, he served as Chief Investment Officer at the Raza Development Fund, a national, investment grade-rated CDFI, with over $625 million in assets under management.  His deep expertise and national reputation in impact finance will be instrumental in scaling NT Impact Capital’s platform.

“We’re thrilled to launch NT Impact Capital and to have Adrian join our senior leadership team,” said Clower. “I’ve known and worked with him for many years.  Adrian’s experience and values align perfectly with NTCIC’s organization culture and core values, and I know he’s committed to delivering catalytic capital to communities that need it most.”

“I’ve spent my career raising, structuring, and managing capital to drive meaningful outcomes in underserved communities,” said Ruiz. “I’ve led initiatives that bridged financial performance with social impact, developed underwriting frameworks for mission-driven investments, and collaborated across sectors to bring complex deals to fruition. These are the skills that are needed to build and scale NT Impact Capital’s private credit business model.”

In July 2025, NT Impact Capital extended a $7 million historic tax credit (HTC) equity bridge loan to support the $85 million redevelopment of an eight-story flour mill in Ellicott City, Maryland. Additionally, NTCIC contributed $10 million in federal HTC funding and $3 million in state HTC funding to the project.

 

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.

Meet Alba Castillo, NTCIC’s Summer 2025 Open Access Fellow.

At the conclusion of her fellowship this summer, we sat down with Alba to learn more about her background and future in community development. Read her interview below!

Can you talk a little bit about your background and what brought you into the community development world?

My background has not been a linear path by any means. Years ago, I was a mortgage underwriter, and then I worked for a real estate attorney. Then I found the CDFI industry, and that changed everything. I had always been interested in economic development and creating opportunities for people and communities, so when I found out about the community development finance industry, it just kind of clicked. I ended up working at the Housing Development Fund (HDF), an affordable housing CDFI in Connecticut, and eventually that led me to find the Opportunity Finance Network (OFN), which is what brought me to the DC area.

What are some of your professional strengths and interests?

My roles in community development have been focused on program management, cross-functional coordination, and bringing people and processes together. I really enjoy the challenge of taking a lot of moving parts or loose ends to create something cohesive. A professional strength is identifying where systems can work better and creating structure that helps things flow more smoothly.

As far as interests go, early this year I started taking a community development finance professional certification with Grow America. Pretty much immediately after the first course, I realized that I was drawn to the real estate finance portion of the work. I went on to take another course in the program that was solely focused on community development real estate finance, and really enjoyed learning how projects are structured, how the financing works, and how it all ties back to creating long-term benefits for communities. Actually, right as I was starting that second course is when I found out that I had been accepted to the Open Access program and would be working in the asset management team at NTCIC. Through the resources of the Open Access Fellowship, I’ve completed Novogradac trainings in HTC, NMTC, and LIHTC, including the NMTC 101 workshop at the Novogradac conference in DC. I’ve also completed coursework in financial modeling and NMTC underwriting. It all feels like an aligned next step that builds on my professional experience and allows me to go deeper into parts of community development work that really energize me.

What did you learn during your time at NTCIC?

In addition to the technical training the fellowship provided, I’ve been working closely with the Asset Management team on a couple of key projects focused on process mapping and how project data is tracked and organized. As I got further into my deliverables, I had the chance to explore how the team captures and uses data and how it connects to the rest of the organization – it’s something I’ve really enjoyed digging into.

One thing that stood out is how clearly this work connects with my long-term goals. I’m interested in the commercial real estate side of community development finance and my time at NTCIC has given me a deeper understanding of that work – both technically and operationally. It’s helped me feel more connected to the purpose behind it and more confident that I’m moving in the right direction. I also really appreciated working in a welcoming and supportive environment and seeing how deeply rooted NTCIC’s work is in community development. That alignment confirmed that this is the kind of organization I would love to keep growing with.

What are some of your goals and next steps now that you’ve finished the fellowship?

My goal is to find a full-time job where I can keep growing in the commercial real estate space – especially work that connects to creating jobs, fostering stability, and keeping wealth in communities. I’ve been very influenced by my time at NTCIC, and I’m particularly interested in tax credit finance and want to deepen my understanding of how these deals are structured and managed.

I’ve been intentional about this career pivot and I’m excited to continue learning, contribute meaningfully to a mission-aligned team, and deepen my expertise in this sector of the community development finance industry – an industry where I strongly believe I belong and where I want to help create long-term impact.

Who or what inspires you the most?

I think people who are unapologetically themselves. When someone is just fully themselves, whether that’s in the way they express themselves or hobbies they like to do in their spare time, and they know and embrace who they are – that’s really inspiring to me on a personal level.

And when I think of something that inspires me career-wise, it’s the CDFI industry. When I started in community development finance, it was on the more regional, “boots on the ground” side at HDF, then I moved on to the national stage with OFN, and I got to witness the work of CDFIs from across sectors and across the country. And now I’m learning more about the tax credits and the commercial real estate side, and all that experience just confirms that the industry we work in is amazing and impactful – and more people need to know about it!

Would you recommend the fellowship? And if so, who is the ideal candidate?

I definitely recommend the Open Access Fellowship. The founders and the board have been really thoughtful about what a professional needs to be successful in the community development real estate industry. The fellowship provides great networking and mentorship opportunities, plus targeted training – like the Novogradac trainings and financial modeling and underwriting coursework I mentioned earlier. Really, I think the fellowship has the ability to make a great impact on a professional’s life.

Since we are talking about the CDFI industry, I think the ideal candidate would be someone who is interested in building up communities – even if they don’t know a ton about the industry. I think the technical side of the job can be taught, but at their core, anyone who wants to participate should care about communities and about building them up. I think those are the kind of people who would thrive during and after the fellowship.

Alba — we’re so grateful for all of the contributions you made to our Asset Management team this summer! Best of luck in all your future endeavors!

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

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

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

BACKGROUND

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

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

The only annual lobby day exclusively devoted to

improving the Historic Tax Credit on Capitol Hill

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

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

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

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

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

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

BACKGROUND

As Congress prepares for the 2024 elections and a major tax policy overhaul in 2025, the urgency to address expiring tax provisions from the 2017 Tax Cuts and Jobs Act increases. Despite delays, the upcoming legislative session will be crucial for major tax decisions affecting individuals and corporations.

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

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

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, 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.

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.

 

 

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!