WASHINGTON, DC, September 3, 2025 – The National Trust Community Investment Corporation (NTCIC) is proud to announce the launch of NT Impact Capital, a new impact asset investment management platform to bring mission-aligned, private credit capital solutions to fund inclusive economic growth, historic preservation, and renewable energy initiatives at scale.
“NT Impact Capital is a natural extension of NTCIC’s outstanding, 25-year track record, which includes nearly $3 billion in tax credit equity investments and the $1.5 billion in assets we currently manage for institutional investors,” said David Clower, President & CEO of NTCIC and NT Impact Capital. “We’ll be raising a series of thematic private credit impact funds to advance our work in preservation and sustainability-focused community development finance through several private credit strategies designed to deliver social outcomes and attractive, risk-adjusted returns.”
To lead this effort, NTCIC welcomes Adrian Ruiz as Managing Director of the newly-formed subsidiary, who will oversee and execute its business strategy by originating, structuring, and managing high-impact investments.
Adrian has over 15 years of leadership experience in nonprofit and community development finance. Prior to joining NTCIC, he served as Chief Investment Officer at the Raza Development Fund, a national, investment grade-rated CDFI, with over $625 million in assets under management. His deep expertise and national reputation in impact finance will be instrumental in scaling NT Impact Capital’s platform.
“We’re thrilled to launch NT Impact Capital and to have Adrian join our senior leadership team,” said Clower. “I’ve known and worked with him for many years. Adrian’s experience and values align perfectly with NTCIC’s organization culture and core values, and I know he’s committed to delivering catalytic capital to communities that need it most.”
“I’ve spent my career raising, structuring, and managing capital to drive meaningful outcomes in underserved communities,” said Ruiz. “I’ve led initiatives that bridged financial performance with social impact, developed underwriting frameworks for mission-driven investments, and collaborated across sectors to bring complex deals to fruition. These are the skills that are needed to build and scale NT Impact Capital’s private credit business model.”
In July 2025, NT Impact Capital extended a $7 million historic tax credit (HTC) equity bridge loan to support the $85 million redevelopment of an eight-story flour mill in Ellicott City, Maryland. Additionally, NTCIC contributed $10 million in federal HTC funding and $3 million in state HTC funding to the project.
About NTCIC
The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.