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

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

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

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

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

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

Welcome to the National Trust Community Investment Corporation’s (NTCIC) 2023 Main Street Community Survey. We are excited to hear from community stakeholders across the United States about their needs and experiences.

The Main Street Community Survey is an opportunity for us better to understand the needs of communities across the United States and to help us make informed investment decisions that align with our preservation-based community development mission. The data collected through this survey will be used to help advise our geographic and programmatic focus for our future tax credit investments.

This survey should take no more than 5 minutes to complete, and as a thank you for your participation, you will be entered to win a $100 gift card. The survey will be open from March 20, 2023, to April 30, 2023.

Please share this survey with other community stakeholders, so that we may gain a comprehensive understanding of community needs across the United States. We believe that community input is critical in shaping the future of our investment strategies, and we value your feedback.

Thank you for your time, and for your continued support of NTCIC’s mission!

Click Here to Take the Survey.

About NTCIC

As a sister organization to the National Main Street Center, NTCIC is committed to community development and economic growth of Main Street-oriented communities across the country. We accomplish this through financing adaptive reuse and preservation of historic buildings using a combination of New Markets Tax Credits (NMTC) and Historic Tax Credits (HTC) to attract private investment capital for underserved areas.

Our NMTC allocation has provided over $2 billion in capital to over 200 high-impact rehabilitation efforts supported in the U.S. These efforts have led to the creation of over 80,000 jobs and have revitalized over 12 million square feet of historic buildings.

Written by Tim O’Donnell of the National Trust for Historic Preservation

In its heyday, the Crescent Corset Company employed more than 700 women, many of them Italian immigrants, at a factory on South Main Street in Cortland, New York. The large industrial brick building, built in multiple stages starting in 1923, quickly became an anchor for the small city, which sits between Ithaca and Syracuse.

They came up with a plan to convert the factory into a mixed-used complex, believing there was demand for both residential and commercial units. The National Trust Community Investment Corporation (NTCIC) supported the companies with state and federal historic tax credit equity, which Lockwood says was necessary for getting the adaptive reuse project off the ground.

“In Cortland, which is 15,000 to 20,000 people, you can’t talk to too many people [whose] grandmother didn’t work there, or their sister, or their aunt,” said Ben Lockwood, president and CEO of Housing Visions, the nonprofit developer that has helped transform the rundown building into a vibrant commercial and residential space over the past several years.

 

The saga of the Crescent Corset Company factory, as it was formerly known, is similar to that of many other manufacturing sites in American cities during the second half of the 20th century. Over the years, activity within the building slowly declined until it became vacant, and a once proud structure had become an eyesore.

But the factory’s fate changed when Housing Visions partnered with David Yaman Realty Services, a local firm. Together, they produced an adaptive reuse plan that brought the former factory back to life, once again making it a keystone in Cortland.

The Historic A. Hoen & Co. Lithograph building complex in East Baltimore was one of the last and oldest lithography printing facilities in the United States. Now, it is the Center for Neighborhood Innovation, a collaborative environment that brings together a diverse mix of industries, ideas, and people dedicated to enriching the lives of Baltimoreans.

The revitalized space:

• Supports new and existing jobs 
• Promotes job training and career growth
• Attracts new residents, businesses, and future community investment

Watch how NTCIC transforms communities with the New Markets Tax Credit.

We partnered with Jubilee Baltimore to transform a historic commercial building into a community-owned asset, which brought new tenants, jobs, and educational opportunities to the Station North Arts & Entertainment District in Baltimore, MD.

Watch how NTCIC and the New Markets Tax Credit helped make it happen.