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, 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, 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.

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.

In recognition of immediate past Chairman of the Board of Directors Irvin Henderson’s many years of devoted and invaluable service to the organization, as well as his deep commitment to investing and strengthening underserved communities, the Board of Directors passed a resolution at the October meeting to rename the NTCIC HTC/NMTC Main Street Small Deal Fund the “Irvin Henderson Main Street Revitalization Fund.”

This innovative program provides below market tax credit financing through the New Markets and Historic Tax Credit programs to historic properties located in economically distressed Main Street communities.

Elected to NTCIC’s Board in 2002, Mr. Henderson is responsible for the development of a substantial number of projects in affordable housing, commercial development and enterprise development nationwide. As the President of Irvin M. Henderson & Co., a leading real estate and finance consulting firm, he has advised NTCIC’s board in the areas of community development, collaboration, reinvestment and project design.

NTCIC’s investor in the fund lauded the change. “As the federal historic and New Markets Tax Credit investor in NTCIC’s Main Street Small Deal Fund, U.S. Bancorp Community Development Corporation is delighted that the fund has been renamed to honor Irvin Henderson, NTCIC’s longstanding Chairman,” says Laura Vowell, Director of Business Development, New Markets and Historic Tax Credit Investments. “Mr. Henderson has a true passion for revitalization in distressed Main Street communities which aligns with our aspiration for the impact of [the program].”

To learn more about the Irvin Henderson Main Street Revitalization Fund, Read More >