Historic Tax Credits

$6 Million Federal
$10 Million State

Investment Tax Credits

$6 Million

Total Project Cost

$52 Million

Project Partner

Sustainable Community Associates & Friends of Mendelsohn

Impact

Education Access, Sustainability, & more

History

World-Renowned Architect Designs House of Worship

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 reflect Mendelsohn’s Neo-Expressionist design philosophy. Park Synagogue served as the congregation’s primary place of worship and gathering for decades.

After the congregation established a new facility in Pepper Pike in 2021, the historic building entered a new chapter, led by a development team that includes Oberlin College graduates committed to preserving Mendelsohn’s vision while reimagining the site for arts, education, and community use. 

Center for Education & Community
Revitalization Efforts

Center for Education & 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 arts program, Park Arts performance and event 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 Eric 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. Rehabilitation work prioritizes long-term sustainability, including a geothermal heating and cooling system and major improvements to the building envelope to improve energy performance.

Community Impact

A New Era for the Synagogue

During operations, the project’s tenants are anticipated to create and retain a total of 30 quality fulltime equivalent permanent jobs, many of which are accessible to residents of low-income communities. In addition, the project is projected to support 189 construction jobs during the development period. Once fully operational, the

project is projected to serve over 1,200 people annually across its arts, education, childcare, and community programs, over half of which are anticipated to be low-income people or residents of low-income communities, reflecting the project’s focus on inclusive access and community serving uses.  

30

Jobs Created & Retained

50

Oberlin Students Supported Annually

40

Artists Supported Annually

1,000

Parks Arts Students Supported Annually

28

Acres of Green Space Enhanced

NTCIC & Progress

Economic Impact

NTCIC supported the redevelopment of Park Synagogue by providing an equity investment in the $16 million in combined State and Federal Historic Tax Credits generated through the preservation and rehabilitation of the nationally significant 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 systems, marking the first time NTCIC and NT Solar provided tax credit financing within the same project. 

The project received substantial public and philanthropic support, reflecting broad community commitment to the redevelopment. Public financing includes State and County Brownfield grants, a Strategic Community Investments grant, County ARPA funding,

a State Cultural Facilities Capital grant, and grants from Cleveland Heights and Cuyahoga County. The project is further supported by approximately $12.4 million in philanthropic contributions raised through a capital campaign. 

NTCIC sourced the historic tax credit investment capital, underwrote the transaction, and supported closing efforts. NT Solar served as the Investment Tax Credit investment sourcer and underwriter, provided financial closing services, and will serve as ITC asset manager during the compliance period. NTCIC will also serve as historic tax credit asset manager, providing construction monitoring and ongoing oversight to support long term preservation and community outcomes. 

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Historic Tax Credits

$8.13 Million Federal
$4.95 Million State

New Markets Tax Credits

$5 Million

Total Project Cost

$43.8 Million

Project Partner

City of Middletown

Impact

Childcare Services, Social Services

A Regional Railroad
History

A Regional Railroad

Constructed between 1892 and 1893, the New York, Ontario & Western Railway Station stands as one of Middletown’s most significant historic landmarks. Designed in the Richardsonian Romanesque style by prominent railroad architect Bradford Lee Gilbert, the station served both as a passenger terminal and as the principal offices of the Ontario & Western Railway. Expansions in 1904 and 1920, designed by local architect David Canfield, reflected the railroad’s growth and introduced new architectural elements while preserving the building’s commanding presence.  

For more than six decades, the station played a central role in Middletown’s economic and civic life, anchoring the city’s connection to regional transportation networks. After passenger service ended in 1957, the building saw a series of adaptive uses before falling vacant following a fire in 2004. Despite years of deterioration, the station has retained its defining historic character and remains a powerful symbol of Middletown’s railroad heritage.

The redeveloped facility will provide larger classrooms with accessible bathrooms, space for disability services, adequate storage, private offices and meeting rooms, a separate parent area, a large-group training space, an indoor gross-motor space, and ADA-compliant access throughout. Outdoor improvements are anticipated to include three preschool environments: an accessible playground, an active playground, and an outdoor classroom with a tricycle track, art studio, and dramatic play stage.

Head Start at the Station
Revitalization Efforts

Head Start at the Station

Once complete, the historic Ontario & Western Railway Station will consolidate Head Start and other childcare programming operated by the Regional Economic Community Action Program (RECAP) that is currently spread across two leased locations in Middletown. Today, RECAP serves 136 Head Start children in facilities housed within active churches that cannot effectively support the needs of children, families, or staff. These two locations will be relocated and expanded at the Project, enabling RECAP to serve additional students while improving the quality of its services. 

The redeveloped facility will provide larger classrooms with accessible bathrooms, space for disability services, adequate storage, private offices and meeting rooms, a separate parent area, a large-group training space, an indoor gross-motor space, and ADA-compliant access throughout. Outdoor improvements are anticipated to include three preschool environments: an accessible playground, an active playground, and an outdoor classroom with a tricycle track, art studio, and dramatic play stage.

Community Impact

Filling a Gap

The Project will significantly expand and strengthen early childhood and family services in Middletown by consolidating RECAP’s two existing Head Start locations into a single, purpose-built facility. Currently, RECAP serves 136 children ages 3–5 across leased, suboptimal sites. At the Project, RECAP will increase preschool enrollment to 146 children annually and add two new programs: one serving infants and toddlers ages 6 weeks to 3 years with an estimated enrollment of 40 children, and another serving children ages 5 and older with an estimated enrollment of 36 children. 

The new facility will allow RECAP to provide full day Head Start programming to 100% of children ages 3–5, compared to current

operations where 62 children are enrolled in part day sessions and 74 in full day sessions. All enrolled children will receive additional services, including early childhood substance abuse prevention, in class mental health support, vision and health screenings, and developmental screening. 

The Project will also expand services for families, increasing adult education and asset building services, such as financial education and debt counseling, from 124 to 135 adults annually. Onsite operations will support about 73 fulltime equivalent jobs (41 retained and 32 created), with 99% of positions paying a Living Wage or higher and offering comprehensive benefits.

222

Children Served Annually

135

Families Served Annually

26,400

Square Feet of Historic Space Restored

73

Jobs Created & Retained

90%

Population Served from Low-Income Communities

NTCIC & Progress

Financing

NTCIC provided a $5 million New Markets Tax Credit allocation, as well as an equity investment in the $13 million federal and state Historic Tax Credits generated by the Project. These investments supported the rehabilitation of the Ontario & Western Railway Station and its conversion into a community serving childcare facility. 

In addition to NTCIC’s NMTC allocation, the Project leveraged an additional $7 million in New Markets Tax Credit allocation from Empire State New Market Corporation, as well as more than $30.05MM from the City of Middletown which included cash on hand, bond proceeds, ARPA funds, and $7.9MM in NY state agency

grants, reflecting strong local and statewide support for the redevelopment.  

NTCIC served as the federal NMTC allocatee and acted as the federal and state Historic Tax Credit investment sourcer, underwriter, and closer. NTCIC also serves as the asset manager for the New Markets and Historic Tax Credits investments, and fund manager for the Historic Tax Credit investments, providing ongoing oversight and coordination across multiple financing sources to support the Project’s long-term success. 

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Federal Historic Tax Credits

$6.5 Million

New Markets Tax Credits

$10 Million

Total Project Cost

$47.4 Million

Project Partner

Cleveland Institute of Art

Impact

Education Access

History

First Ford Factory Outside Detroit

Designed by Albert Kahn, the famed “architect of Detroit,” the McCullough Center was Ford’s first assembly plant outside of the Motor City. In its 1920s heyday, hundreds of Model T’s rolled off its lot every day. But after Ford closed the plant in 1932, the building foundered for decades, serving as a sales office, a warehouse, and office space. By the time Cleveland Institute of Art (CIA) acquired the iconic 1915 building in 1981, it was already in need of considerable renovation, if not an outright overhaul.

Due to cost constraints, however, the Center’s full potential as a hub of artistic endeavor was left unrealized for 25-plus yearsDuring this time, CIA’s campus was split between two buildings separated by a half mile of parking lot – a drab, deadening asphalt gulf that students dubbed “the Beach.”

Developing 'The Center'
Revitalization Efforts

Developing 'The Center'

More than a century after it first opened its doors, the 250,000 square foot space in downtown Cleveland is giving young artists, designers, filmmakers, photographers, and coders a unique, adaptable space to hone their crafts, while helping to revitalize an entire Cleveland neighborhood. In 2015, the revived and expanded Center opened its doors with revamped galleries, additional classrooms accommodating CIA’s variety of aesthetic disciplines, a new library, a large atrium connecting the old and new wings, and individual creative studios for each student.

The new Center projects student art on large screens outside the complex, allowing the neighborhood to enjoy some of the innovative and dramatic creations by CIA students. It also boasts the Peter B. Lewis Theater, a state of-the-art 4K cinema complex to house CIA’s long-running and nationally recognized Cinematheque theater, which shows beloved classics, arthouse favorites, and new programming to students and members of the public alike.

Impact

Financing & Community Impact

NTCIC provided a New Markets Tax Credit allocation of $10 million and an equity investment in the $6.5 million of federal Historic Tax Credits generated by the project. Today, the Center is once again a locus of creativity, production, and economic vitality in Cleveland. More than just revive CIA, the refurbished Center has been a catalyst for the burgeoning neighborhood, now being called “Uptown.” Since the renovation broke ground, Uptown has added shops, a grocery

store, new restaurants, and additional housing, and has been nominated for national urban excellence awards. The revitalized space has allowed the school to strengthen its admissions and nearly double the number of students it can support. It also serves as an anchor in the revitalization of the Euclid-Mayfield neighborhood, which links University Circle and Little Italy, into a vibrant arts focused district.

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Federal Historic Tax Credits

$8.3 Million

NC Mill Rehab Tax Credits

$16.5 Million

Total Project Cost

$52 Million

Project Partner

Tribridge Residential

Impact

Housing, Economic Development

History

One of North Carolina's Largest Textile Mills

Constructed between 1900 and 1922, Loray Mill is a nationally significant example of early twentieth-century industrial construction and one of the largest textile mills ever built in North Carolina. Originally developed for cotton cloth production, the mill was converted to tire fabric manufacturing following its acquisition by the Jenckes Spinning Company in 1919. Subsequent expansions in 1921 and 1922 reflected the mill’s growing role in regional industrial production and its contribution to Gastonia’s emergence as a textile hub known as “Spindle City.” 

Loray 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. The strike was driven in part by the “stretch-out,” a management practice that increased worker workloads while reducing staffing levels. In the wake of the strike, Loray Mill closed and was later purchased by Firestone Tire and Rubber Company, which operated the facility until 1993. After decades of vacancy, the property began a phased historic rehabilitation in 2013, continuing to this day. 

From Vacant to Vibrant
Revitalization Efforts

From Vacant to Vibrant

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

Phase 2 continues this momentum with one-, two-, and three-bedroom units designed to highlight the building’s historic industrial character through open floor plans, high ceilings, exposed brick, and original structural elements. New amenities include a clubroom, fitness room, and indoor garden, with residents also accessing Phase 1 amenities such as the pool, clubhouse, and outdoor gathering spaces. Together, the project represents a key component of the broader revitalization of the Loray Mill Village, restoring historic structures and returning the site to active residential use. 

Community & Economic Impact

Loray Mill Lofts Phase 2

The rehabilitation of Loray Mill Lofts Phase 2 advances the revitalization of one of Gastonia’s most historically significant industrial sites while expanding housing opportunities within an established mill village. By completing the adaptive reuse of the Loray Mill campus, the project returns a long-vacant portion of the property to active residential use, creating more affordable options in the Charlotte-area suburbs.

Residential Units Created

143

Historic Space Restored

164,000 SF

NTCIC & Progress

Financing

NTCIC provided an equity investment in the $8.3 million of federal Historic Tax Credits and the $16.5 million in North Carolina Mill Rehabilitation Tax Credits generated by the preservation of Loray Mill Lofts Phase 2. 

NTCIC served as the Federal Historic Tax Credit and North Carolina

Mill Rehabilitation Tax Credit investment sourcer, underwriter, and closer for the transaction. In addition, NTCIC will serve as asset manager throughout the compliance period, providing ongoing oversight to support successful credit delivery and long-term stewardship of the historic property.

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Historic Tax Credits

$8.25 Million
Federal & State

New Markets Tax Credits

$4 Million

Total Project Cost

$37.7 Million

Project Partner

Impact

Education Access

The Chicora Graded School
History

The Chicora Graded School

Originally constructed in 1935, the Chicora Graded School served the Chicora-Cherokee neighborhood of North Charleston, a community closely connected to employment at the Charleston Navy Yard. The school replaced an earlier facility built in 1921, which by 1929 enrolled approximately 307 students, prompting capacity expansions. As enrollment continued to grow, the campus was expanded multiple times between 1938 and 1955, adding classrooms, an auditorium, a cafeteria, and administrative space.

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. Following the closure of the Navy Yard in 1996, the surrounding area experienced economic decline and shifting demographics. By 2011, the school suffered from deferred maintenance and declining enrollment, leading to its closure. Vacant for more than a decade, the building remains significant for its role in local educational history.

A Vacant School Transformed
Revitalization Efforts

A Vacant School Transformed

Upon completion, the former Chicora Graded School will be rehabilitated into a collegepreparatory high school serving exclusively lowincome students from the greater Charleston region. The renovated 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.

The school will operate as part of the Cristo Rey network, which combines rigorous collegepreparatory coursework with a corporate workstudy model that allows students to gain realworld professional experience while offsetting the cost of tuition. Tuition at Cristo Rey operates on a sliding scale based on need, with most families not paying any tuition at all. The project is designed to accommodate up to 400 students and to create an education environment intentionally structured to expand access to opportunity for underserved families. 

Community & Economic Impact

Set Up for Success

The redevelopment of the former Chicora Graded School delivers targeted community impact by expanding access to highquality education and workforce pathways in one of North Charleston’s most economically distressed neighborhoods. 

Nearly 40% of residents in the surrounding community live in poverty, and local schools serving this area have historically been underfunded, with graduation and collegecompletion rates for students of color lagging significantly behind state and regional averages.  

In response, the project will serve up to 400 high school students, all from lowincome households, 99% of whom identify as students of color.

The school combines rigorous collegepreparatory academics with a corporate workstudy model that provides students with paid professional experience, mentorship, and exposure to career pathways while they are still in high school. In addition to educational outcomes, the project generates community benefits through permanent job creation, workforce training, and the reactivation of a longvacant neighborhood anchor.

Collectively, the project addresses educational inequity, strengthens workforce readiness, and supports longterm economic mobility for students and families across the Charleston region. 

Job Creation

51 Permanent
142 Construction

Work Study Success

94%

Students Served

400

Students of Color

99%

NTCIC & Progress

Financing & Impact

The $37.7 million project was funded through a variety of sources, including an equity investment by NTCIC in the $5.5 million federal and $2.75 million state Historic Tax Credits generated by the project and a $4 million New Markets Tax Credit allocation. The project was also funded with $2.8MM of South Carolina’s State Abandoned Building Tax Credit.

NTCIC’s roles in the project include acting as a NMTC Allocatee and Asset Manager, federal and state HTC investment sourcer, underwriter, and closer, Federal and State HTC Asset Manager, Federal and State Fund Manager, and Abandoned Building Tax Credit syndicator.

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Historic Tax Credits

$13 Million
Federal & State

Bridge Loan

$7 Million

Total Project Cost

$85 Million

Project Partner

Terra Nova Ventures LLC

Impact

Economic Development

Maryland's First Flour Mill
History

Maryland's First Flour Mill

The history of the Wilkins Rogers Mill complex in Ellicott City, Maryland, traces its roots back to 1774, when the Ellicott brothers built a grist mill on the banks of the Patapsco River, becoming the first in Maryland to produce flour as a commercial enterprise. The mill was also a pioneer in the region, adopting Oliver Evans’ system of mill automation, which played a key role in establishing Baltimore as one of the nation’s most successful producers of flour products. After the Panic of 1837, the mill was acquired by Charles Carroll and Charles Gambrill, with the Gambrill family continuing to operate it into the 1920s.

The original mill building, constructed in two phases from 1916 to 1918, was later expanded with the addition of a combined warehouse, laboratory, and machine shop in 1941, replacing an earlier structure destroyed by fire. This complex, which includes the main mill building, attached boiler house, nine silos, and other structures, was significantly impacted by tenants like C.A. Gambrill Mfg. Company and the Doughnut Corporation of America (DCA), who oversaw renovations following a fire in 1941.

The Wilkins Rogers Company acquired the property in 1967 and operated it until 2020. Today, the complex remains a contributing property in the Ellicott’s Mills Historic District, which was listed in the National Register of Historic Places in 1976.  

Historic Mill Gets New Life
Revitalization Efforts

Historic Mill Gets New Life

The historic Wilkins Rogers complex will be redeveloped into a mixed-use project called Ellicott Mill consisting of apartments, a restaurant overlooking the Patapsco River, retail space, a swimming pool, modern amenities and parking garage. The project will maintain its historic character with rehab to the main mill building, as well as other contributing buildings and a railroad trestle. Ellicott Mill is within walking distance to downtown Ellicott City and is conveniently located between Baltimore and DC.  

NTCIC & Progress

Financing & Impact

The $85 million revitalization of Ellicott Mill was supported in part by NTCIC through an equity investment in the $10 million Federal Historic Tax Credits generated by the project, $3 million in State Historic Tax Credits, and a $7 million bridge loan.

NTCIC acted as the Federal and State historic tax credit investment sourcer and 

underwriter, as well as provided project management services to oversee the successful financial closing. The bridge loan was serviced by NT Impact Capital, a recently formed subsidiary of NTCIC that specializes in impact investments. NTCIC will provide asset management services for the Ellicott Mill project through the tax credit compliance period.

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Federal Historic Tax Credits

$1.3 Million

New Markets Tax Credits

$2 Million

Total Project Cost

$8.2 Million

Project Partner

711 Catherine Developers & Stryant Investments LLC

Impact

Affordable Housing, Arts Education Support & Access

History

School & Community Center

Constructed in 1912, the George W. Adair School is a two-story brick building located at the heart of the Adair Park neighborhood in Atlanta, Georgia. Adair Park, a “bungalow suburb,” was developed between the 1890s to the 1940s and features a variety of unique architectural styles, including Queen Anne and Folk Victorian, English Revival, and the predominant American Craftsman bungalows.

The George W. Adair School was designed in the Academic Gothic Revival style by Edward Dougherty, one of Atlanta’s leading architects of the time known for his works throughout Atlanta, including Druid Hills Baptist Church, Druid Hills Golf Club, Imperial Hotel, and the Highland School. For almost 60 years, it operated as both a school and a community gathering center, until enrollment began to diminish in the early 1960s. The school shut its doors in the fall of 1973 and has remained vacant and decaying ever since.

From Abandoned to Artist Hub
Revitalization Efforts

From Abandoned to Artist Hub

The George W. Adair Elementary School will be transformed into the Academy Lofts of Adair Park, a space where creative enthusiasts, artists, and entrepreneurs will live, work, and interact with each other and their local communities.

NTCIC & Progress

Financing & Impact

Academy Lofts was NTCIC’s 7th project supported by the Irvin Henderson Main Street Revitalization Fund and will be the first deal closed in partnership with Great Southern Bank. The Main Street Revitalization Fund provides financing through the Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) program to community development initiatives that support direct benefits to communities in need.

The Academy Lofts project will reactivate a long-vacant historic building, provide 35 affordable residential apartment-style housing units, and space for nonprofit tenants and arts-focused

education. Thirty of the units will be rent and income-restricted to households earning 60% AMI or less. The new nonprofit tenants will provide classes, services, community space, and outreach to communities focusing on art-based therapy.

The revitalization of the Academy Lofts is estimated to create/retain 98 jobs during construction and 88 post-completion. It will also include green technology to improve operational efficiency, including Energy Star appliances, water-sense fixtures, and LED lighting. The Academy Lofts opened in 2020.

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Federal Historic Tax Credits

$4.1 Million

New Markets Tax Credits

$6 Million

Total Project Cost

$26 Million

Project Partner

MIS Capital

Impact

Education Access

Historic Foundations in Allegheny West
History

Historic Foundations in Allegheny West

Built in 1913 and designed by architect Henry deCoursy Richards, the John Greenleaf Whittier School has anchored Philadelphia’s Allegheny West neighborhood for generations. Named for the abolitionist poet, the three-story brick building with terra cotta details and a U-shaped courtyard welcomed thousands of local students over its long history. Whittier Elementary was a vital resource for the community, reflecting the evolving needs and diversity of North Philadelphia.

After nearly a century of service, the school closed in June 2013, leaving the building vacant and the neighborhood without a key educational institution. Recognizing both the architectural significance and the urgent need for accessible learning opportunities, KIPP Philadelphia Public Schools committed to revitalizing Whittier as the new home for its middle school program.

KIPP at Whittier Entrance
Revitalization Efforts

Transforming Space for Student Success

The former Whittier School has been transformed into a modern, high-performance facility for KIPP Philadelphia’s middle school program.

The 78,000-square-foot building, vacant since 2013, underwent a full rehabilitation to create state-of-the-art classrooms, a new cafeteria, a multi-purpose gym and auditorium, and an outdoor education area.

Designed to accommodate up to 700 students, the revitalized school now provides expanded educational opportunities for families in Allegheny West.

Community Impact

Transforming Lives Through Learning

The revitalized Whittier School now provides a modern, high-quality learning environment for up to 700 middle school students in Allegheny West. By expanding capacity from 360 students, KIPP Philadelphia addresses significant demand for accessible, college-preparatory education in an underserved neighborhood. The school’s open enrollment lottery ensures equitable access for families citywide.

KIPP Philadelphia primarily serves economically and educationally disadvantaged students, with 86% qualifying for the Federal Meals Program and 24% receiving special education assistance. The student body reflects the surrounding community, with 98% identifying as African American or Hispanic. The project also created new green spaces and public access areas, strengthening connections between the school and its neighbors.

Expanded Enrollment

The revitalized school now serves up to 700 students, up from 360.

Supporting a Community in Need

86% of students qualify for the Federal Meals Program.
24% of students receive Special Education Assistance.

Job Creation

The project delivered 80 union construction jobs and supports 70 permanent full-time equivalent jobs.

Green Space & Learning

New outdoor education areas and public-access green space strengthen neighborhood connections.

NTCIC & Progress

Financing the Project

NTCIC provided $6 million in New Markets Tax Credit allocation and an equity investment in the $4.1 million in Federal Historic Tax Credits generated by the project, making the $26 million rehabilitation of Whittier School possible. These investments enabled the transformation of a vacant historic building into a modern, high-performance educational facility for KIPP Philadelphia’s middle school program.

The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the school’s fundraising burden and ensuring financial feasibility. Construction created 80 union jobs, while the completed school supports 70 permanent positions and offers below-market rents, maximizing resources for student success and long-term neighborhood revitalization.

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KIPP at Whittier Entrance

Federal Historic Tax Credits

$3.77 Million

State Historic Tax Credits

$4.3 Million

New Markets Tax Credits

$2 Million

Total Project Cost

$20.7 Million

Project Partner

Main Street Projects, LLC

History

A Rich Textile History

In the late 1800s, Fall River, Massachusetts, had become one of the country’s leading textile regions in America and, by the turn of the century, housed more than 1 million spindles in operation, second in the world to only Manchester, England. Originally known as the Bradford Durfee Textile School, the facility opened its doors in 1904 to provide advanced courses in textile manufacturing and chemistry to educate the rapidly growing population of local mill workers.

The school was named by the school’s original landowner, Miss Sarah S. Brayton, a descendant of local textile industry pioneer and Civil War veteran Maj. Bradford Dufree. Classes initially offered included advanced designing, electrical laboratory, motor testing, hand warping, loom, mechanical drawing, and machine shop.

The school expanded over the years and started to offer additional courses of study, eventually gaining the ability to award Bachelor’s degrees. At that point, the school’s name was changed to the Bradford Durfee College of Technology. In 1960, it merged with a neighboring technical institute to form the Southeastern Massachusetts Technological Institute and, in 1991, was acquired and merged with several branches of the University of Massachusetts to become UMass Dartmouth, vacating the building in the transition. A local community college briefly took over some of the space for classes but left nearly 20 years ago. The building has since sat vacant, awaiting a new use.

Revitalization

Creative Campus

The 74,000 square foot, five-building campus will soon become the Creative Class Lofts and provide 44 market-rate apartments, 11 affordable apartments for practicing artists, and 23,345 square feet of commercial, community, and retail space.

Anchoring the commercial portion of the building will be the Spectrum Empowerment Project and the Youth Musical Theater Corporation (YMTC). Spectrum provides autistic adults with an alternate path to college and employment through economic independence, social growth, and creative expression. YMTC is a nonprofit, all-volunteer organization that provides young people with the opportunity to participate in theatrical experiences and produces two Broadway-style musicals each year. The building will also include a 170-seat event space/black box theater to support these groups, as well as an art gallery open to the public.

Groundwork, a Massachusetts-based coworking space provider, will be opening a new site within Creative Class Lofts after celebrating five years of successful growth in their New Bedford location. The Groundwork space will provide coworking memberships and support several local businesses, including Entrepreneurship for All (“E for All”), a year-long small business incubation program.

Community & Economic Impact

Building a Community

The project received an impressive level of community support through the development process and a variety of public funding designed for economic and residential expansion. The development team received letters of support from both Mayor Jasiel Correia II and the Massachusetts Department of Housing and Community Development.

In addition to below-market-rate leases, the larger, revitalized space will allow the commercial tenants to expand their programming to support more community members. Groundwork will provide affordable membership rates to an estimated 400 annual users and host job training programs as part of its partnership with the MassHire Bristol Workforce Investment Board.

Additionally, it will support Entrepreneurship for All (“E for All”), a year-long small business incubation program that will provide 30 entrepreneurs a year—predominantly women, minorities, and immigrants— with the opportunity to move their businesses forward.

The larger space and new theater will enable both the Spectrum Empowerment Project and YMTC to greatly develop and expand their

community programming. With a dedicated theater at their disposal, YMTC plans to add 4 additional performances to their annual calendar, growing their audience to 800 people annually. Additionally, the new location’s proximity to the Fall River District Court will allow Spectrum’s Employ Workforce Integration program, which provides job training for adults on the spectrum, to develop a new Paralegal Assistant program. The project will also create affordable housing for practicing artists (those earning 60% AMI or less), who typically have been pioneers in creating vibrancy in blighted neighborhoods. The project is a significant part of the city’s “Downtown Urban Renewal Plan.” In 2007, the city created an Arts Overlay District to promote the expansion of art and culture, encourage art uses, and enhance the vitality of the central business district by fostering a mix of housing and art-related uses. This project will be the “mix of housing and art-related uses,” which has been so elusive to the community.

The revitalization of the historic building will create an estimated 126 quality construction jobs, 72% of which are accessible to underserved individuals. Once complete, the building’s tenants will create an estimated 46 permanent jobs.

Theater Programming

Will grow audience to 800 annually

Entrepreneurship for All

30 participants annually

Housing for Artists

Part of city’s Downtown Renewal Plan

Groundwork Coworking

400 affordable memberships

Job Creation

46 full time jobs created

NTCIC & Progress

Financing the Project

The $20.7 million project was financed in part with $2 million in New Markets Tax Credit (NMTC) allocation from NTCIC’s Irvin Henderson Main Street Revitalization Fund. Additionally, NTCIC’s invested in the $3.77 million in federal Historic Tax Credits (HTC)

and $4.3 million in state HTCs generated by the project. Additional financing included funds from the Massachusetts Housing Development Incentive Program (HDIP) and additional state and federal programs including the HOME Program.

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Federal Historic Tax Credits

$21 Million

Total Project Cost

$153.6 Million

Project Partner

Lubert-Adler Real Estate Funds

History

Philadelphia Electric

The Delaware Power Station of the Philadelphia Electric Company was, at its peak, Philadelphia’s largest power station in the post-World War I period and a critical component to the company’s incredible growth. Founded in 1899 and incorporated in 1902, Philadelphia Electric first formed as a corporation by consolidating many small electric utilities under a single large holding company with the goal of being the sole supplier of electricity to the city. A critical success toward the goal of standardization began in 1902 with the construction of the largest coal-powered central power plant in the world known as Schuylkill A-1. When run at full capacity, this station could generate all of the city’s electricity needs at a lower cost than what was possible through multiple smaller plants.

Within just 16 years, a site expansion, and the construction of a second station, by 1918, the company’s customer base and power needs had grown more than fivefold and continued to increase. This demand was further compounded by the industrial expansion resulting from the United States entering World War I. To meet the ever-growing needs, Philadelphia Electric began the two-phase construction of the Delaware Power Station in 1917. By 1923, the Delaware Station was in full operation and capable of generating over 46% of the city’s electricity when running at its full capacity, making it the largest power station in the Philadelphia Electric system.

Over the next several decades the company would continue to dominate the industry, constructing additional stations around the city and expanding the Delaware station once more in 1953. Although no expansions occurred after 1953, the Delaware Station continued to power a large portion of Philadelphia over the next several decades.

With the development of newer generating technologies such as nuclear power, however, the Delaware Station’s dependence on fossil fuels, both coal and oil, meant that it was becoming increasingly inefficient. By 1969, the original sections of the station were retired, leaving only the 1953 expansion in operation. Philadelphia Electric was acquired by the Exelon company in 2000 and, by 2008, the station ceased to function as a power plant. Exelon sold the station in 2015 when early development plans for the station’s future use began. Current ownership acquired the property in late 2019.

Revitalization

A Dynamic Campus Experience

The former power station is now ‘The Battery,’ a 500,000 square foot dynamic multifamily and workplace campus experience on the Delaware River, adjacent to the heart of the bustling Fishtown neighborhood in Philadelphia, with a specific focus towards open-air, greenspace, and health and wellness.

The campus was developed in three phases, the first of which focused on two of the original historic structures, the “Boiler House” and the “Switchgear Building,” as well as an expansive public outdoor space. The Boiler House contains 239 loft and rooftop apartments, 49,000 square feet of office space on the ground floor, and a dramatic 2-story central amenity hub. Amenities include lounge, meeting, co-working, and café space with a rooftop outdoor terrace and garden. The Switchgear Building renovation created 45 studio and one-bedroom units and 25,000 square feet of event space operated by Cescaphe, a well-established event brand in Philadelphia.

The Battery lies directly adjacent to Penn Treaty Park and features a large outdoor space along the Delaware River waterfront with direct access to trails for walking/biking.

NTCIC & Progress

Financing & Impact

The Battery is located within a Keystone Opportunity Zone (KOZ), a unique Pennsylvania program designed to develop a community’s underutilized land and buildings. Projects located within KOZs are able to apply for several economic development tools that promote business growth including state and local tax credits, exemptions, and tax abatements.

The $153.6 million project was financed in part by NTCIC’s investment in the $21 million in federal Historic Tax Credits generate by the project.

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We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.

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Want to Discuss Your Next Project? Talk With Our Team Today.