On Friday, September 29th, NTCIC was recognized as one of the key financers of The Armory, the first project financed by NTCIC’s Main Street Small Deal Fund. Senior Financial Analyst William Fiederlein represented NTCIC and joined the National Main Street Center (Main Street) and Michigan Economic Development Corporation (MEDC) in an exclusive tour of the redevelopment progress thus far in Owosso, Michigan.
After the tour, several stakeholders of the community and local media gathered to hear from NTCIC, Main Street, and MEDC, along with representatives from offices of Senator Debbie Stabenow and Congressman John Moolenaar. Speeches honored the project’s rich history and its service as a symbol of the city’s proud military and community heritage. Speakers also expressed their excitement on how the building will be transformed to address multiple community needs including job creation and community services while preserving the building’s unique architecture.
William Fiederlein’s remarks emphasized that many community-transforming, catalytic projects like the Armory are only achieved through federal incentives including the Historic Tax Credit (HTC) and the New Markets Tax Credit (NMTC). “These credits bridge the gap between what banks will lend and the actual cost of the project,” Fiederlein explained. “Incentive programs like the HTC & NMTC play a critical role in generating economic growth and opportunity in communities like Owosso. For example, since inception in 1976 and through 2016, the HTC program has helped rehabilitate over 42,000 historic buildings and has created more than 2.4 million jobs. More specifically, the HTC has had a great impact in the Main Street communities. Over 40% of projects financed in the last fifteen years that used the HTC are located in communities with populations of less than 25,000.” Watch a short interview with William at the Armory before the event:
NTCIC helped finance the project by providing $830k in federal HTC equity and over $1 million in NMTC allocation. The Owosso Armory is NTCIC’s 5th tax credit project in the state of Michigan. Others include apartments in Lansing and Flint along with two other projects in Detroit.
NTCIC created the Main Street Small Deal Fund to specifically target Main Street community projects that are located in severely distressed low-income communities and are neglected by traditional sources of capital. Learn more about fund eligibility at: https://live-national-trust-community-investment-corporation.pantheonsite.io/resources/main-street-small-deal-fund/
NTCIC’s financing was only possible because of the HTC and NMTC programs. Both the HTC and NMTC programs are threatened. As tax reform moves forward, it is important to keep the HTC undiminished and to make the NMTC program permanent. These programs will continue the important work of revitalizing Michigan communities and preserving the irreplaceable heritage of our cities and towns nationwide.
Photos & video footage by Kincaid Henry
Video edits by NTCIC