The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the $40.2 million revitalization of Benn High’s NMTC Condo in Bennington, Vermont. This transformative redevelopment will breathe new life into a historic 1913 former school building by creating a dynamic, community-centered hub with workforce housing, community recreation space, a senior center, and more. NTCIC provided a $5 million New Markets Tax Credit (NMTC) allocation and facilitated an equity investment in the $5.6 million in federal Historic Tax Credits (HTCs) generated by the project.
The historic Bennington High School, an iconic example of Beaux Arts public architecture, served students for nearly 100 years before closing its doors. Vacant since 2004, the building is now poised for a new future through an adaptive reuse project known as Benn High.
“NTCIC is incredibly proud to have played a role in the Benn High redevelopment,” said Amanda Bloomberg, Senior Acquisitions Manager at NTCIC. “It was truly a pleasure collaborating with Zak Hale and the various players whose dedication and vision brought this transformative project to life. With its diverse and creative financing sources, we believe Benn High will serve as a case study for future redevelopment efforts across the country.”
The NMTC Condo totals 72,000 sq ft, which will include 22 workforce housing units and nearly 48,000 sq ft of commercial and community space. Tenants include the Town of Bennington, leasing over 28,000 sq ft for a new community recreation and senior center, the YMCA, operating a 102-seat childcare center that will serve mostly low-income families, the University of Vermont Extension, offering agricultural, nutrition, and community development programs to over 1,000 residents annually, and more.
The project also incorporates geothermal and solar technologies, making it 100% electric. Significant Brownfield Remediation Funds (BRF) were secured from both Vermont and the federal government to address contamination from a pre-existing 19th-century machine workshop on site.
The community impact of Benn High is far-reaching. It is projected to create 24 new permanent full-time jobs and 92 high-quality construction jobs, retain 35 existing jobs, create access to new recreation programs for more than 4,300 individuals, provide childcare for 102 children, with 55% from low-income households, host senior programming for 150+ local seniors, expanded nutrition education through the UVM extension program, and more.
“The Benn High Redevelopment has been the most challenging and rewarding endeavor of my career,” said Zak Hale, CEO of Hale Resources LLC. “Bringing together more than 30 financing sources and aligning them with the realities of a century-old school building required persistence and creativity at every turn. We’re grateful to NTCIC and our many partners for their support in making this project possible. Most importantly, Benn High will once again be a place that brings people together, providing housing, childcare, recreation, and services that will strengthen Bennington for generations to come.”
Located in an area with high levels of community need, the Benn High redevelopment will not only generate additional housing options but will serve as a community hub providing critical resources to residents of all ages. NTCIC’s investment in Benn High continues its mission to revitalize historic spaces in underserved communities, delivering inclusive, resilient, and economically sustainable development.
Learn more about NTCIC’s involvement in the project here.