News Historic Tax Credit

Two NTCIC Investments Receive Historic Rehabilitation Awards

Written By: NTCIC

NTCIC is thrilled to announce two previous investments have been named recipients of the 2019 Historic Rehabilitation Awards by the Novogradac Journal of Tax Credits. The awards honor outstanding achievement in the rehabilitation of historic properties by recognizing development teams for excellence in the creative use of the Historic Tax Credit.

“NTCIC is proud to have supported these two historic community investments through the Historic Tax Credit programs,” said NTCIC President Merrill Hoopengardner. “So often, projects like these face near-impossible odds, but through community support, socially-minded investments, and perseverance, these pieces of history can be restored and returned to the community for education, entrepreneurship, arts, and community engagement.”

Winner of the award for Nonresidential Development that Best Exemplifies Community Impact, the Jobs Café at Findlay Market is located within the historic Over-The-Rhine neighborhood in Cincinnati, Ohio, one of the largest, most intact, nineteenth-century urban historic districts in the US. The project restored nine buildings surrounding the Findlay Market into a mix of affordable housing units, retail, and commercial space. The Jobs Café itself, part of the greater Jobs Café at Findlay Market project, is a social enterprise restaurant concept that provides job training and placement for positions that pay a livable wage with benefits and offer advancement opportunity within the local restaurant industry. The complex financing package included a variety of state and local grants, over $9 million in state and federal Historic Tax Credit equity supported by NTCIC, and $25 million in New Markets Tax Credit allocation, $4 million of which was provided by NTCIC.

The Rose Collaborative, NTCIC’s 10th investment in New Orleans, has been recognized as a Nonresidential Development that Overcame Significant Obstacles. The St. Rose de Lima church was originally built in 1880 and over many decades, the campus served as a spiritual center for the community, as well as the home of a school which had buildings constructed in 1925 and 1938. The Catholic Church deconsecrated the property following Hurricane Katrina and the church and its companion buildings remained vacant until acquired by the Rose Community Development Corporation and Alembic Development in 2016. The space is now a thriving community hub that supports a variety of local nonprofit organizations, small business incubator space, early childhood education, and is now home to the Southern Rep Theatre. Funding for the transformation included $10 million in New Markets Tax Credit allocation and $1.4 million in federal Historic Tax Credit equity, both provided by NTCIC.

“Winners of the Historic Rehabilitation Awards are great examples of how the Historic Tax Credit can benefit entire communities, from Iowa and Ohio to Louisiana and Massachusetts,” said Michael Kressig, CPA, conference chairman, and Novogradac partner. “Our awards judges were impressed with each development team’s innovative use of the historic tax credit.”

The awards ceremony will be Sept. 25 in St. Louis at the Novogradac 2019 Historic Tax Credit Conference. To read the full press release, additional details about the awards winners, and information on how to nominate a development for the next round of awards, visit: www.novoco.com/events/awards.

The Rose Collaborative

New Orleans, LA

Vacant since Hurricane Katrina, the former Historic St. Rose de Lima Church (Est. 1857) and School on Bayou Road and Columbus Street was once a hub of the Afro-Caribbean community. It has now become a center for community enterprise, education, and performing arts. The space is now home to the Southern Rep Theatre; shared office spaces for social justice nonprofit organizations, and entrepreneurs; and an early childhood education center. | Read More

Jobs Cafe at Findlay Market

Cincinnati, OH

Jobs Café is a social enterprise restaurant concept that provides job training and placement for positions that pay a livable wage with benefits and offer advancement opportunity within the local restaurant industry. This program targets low-income persons and residents of the surrounding severely distressed low-income community. Jobs Café operates as a restaurant and is open to the public while incorporating a workforce development platform. | Read More