NTCIC is pleased to announce the recent closing of a $100 million community revitalization fund (Community Fund II) with a national bank for Historic Tax Credit (HTC) investments. This is the second established fund with this investor and is the largest capital commitment NTCIC has received since inception in 2000.
The Community Fund II closing is the second significant fund commitment from the same investor this year. NTCIC closed a similar $50 million fund in February (Community Fund I) which has already financed two high-impact transactions and has five additional transactions currently in closing.
The Community Fund II will follow a similar structure to Community Fund I and will be exclusively focused on HTC investments that support community revitalization, affordable housing and other benefits for low-to-moderate income individuals. The minimum investment size will be $5 million. NTCIC anticipates Community Fund II will provide financing for HTC-only transactions as well as HTC projects that are also eligible for New Markets Tax Credits or Low Income Housing Tax Credits.
NTCIC’s first Community Fund I investment was in the Sagamore Pendry Hotel, the adaptive reuse of the former Baltimore Rec Pier into a full-service hotel. The project’s historic story and transformative impact in the community were recently featured in The Washington Post travel section at: http://bit.ly/sagamore-pendry. This $14 million investment was NTCIC’s largest in FY2017.
Other Community Fund I investments included the adaptive reuse of four buildings in the heart of Angier-Driver business district in Durham, NC. These rehabilitated buildings will be available at affordable rents to a variety of local businesses and non-profits that will serve low-income individuals and residents of the surrounding low-income community.
Community Fund II is expected to deploy over the next 18 months and is anticipated to generate even more impact, targeting projects that will serve low-income communities nationwide. NTCIC is responsible for a full suite of services including origination, underwriting, and asset management. Submit your CRA-eligible project at: https://live-national-trust-community-investment-corporation.pantheonsite.io/our-projects/submit-a-project/