NTCIC is pleased to announce the successful financial closing for the rehabilitation of two vacant factory buildings in Buffalo, New York. Once complete, the warehouses located at 27 Chandler Street, once homes to the Jewett Refrigerator Company and the Double Brass Cornice Brake Company will become a dynamic space for small business incubation focused on the foodservice industry, as well as training operated by SUNY Buffalo State Small Business Development Center (SBDC).
This is the third historic preservation project made possible through the Irvin Henderson Main Street Revitalization Fund, an Innovative QLICI Use program that combines and enhances both the Historic and New Markets Tax Credit to support projects located in Main Street communities.
NTCIC is honored to bring this adaptive reuse to life by providing $2 million in New Markets Tax Credit (NMTC) allocation with US Bank as the NMTC Investor. This allocation was enhanced through in $2.13 million Historic Tax Credit equity generated by the project, for which US Bank was also the investor.
“We are so happy to be able to bring the power of the New Markets Tax Credit to projects that support the growth of our Main Street communities across the country,” said NTCIC President Merrill Hoopengardner. “Our Main Street Fund brings tax credit capital for historic rehabilitation in lower income communities within reach even for these smaller projects.”
The project development team is partnering with SUNY SBDC to help identify small business owners to support in the incubator. Several local businesses have already signed up to become tenants, including a cake pop bakery, a chocolatier, several pastry chefs, a seafood distributor, a Texas BBQ caterer, and an acclaimed chef with a restaurant concept that will source products from other tenants.
NTCIC continues to seek projects to support through the Irvin Henderson Main Street Revitalization Fund. If you are interested in learning more, submit your project or contact us today!