NTCIC is pleased to announce the successful financial closing for the rehabilitation of the vacant Philip Morris Blended Leaf Complex in downtown Richmond, Virginia into a new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS). Once complete, the former tobacco processing warehouse will become a center of support and recovery for those experiencing homelessness and battling addiction or substance use disorders.
NTCIC is honored to bring this adaptive reuse to life by providing $12 million in New Markets Tax Credit (NMTC) allocation with SunTrust as the NMTC Investor. NTCIC HTC Community Fund II, LLC is also investing $4.1 million in the Federal Historic Tax Credits (HTC) being generated by the rehabilitation.
“NTCIC is thrilled to facilitate key components of the financing needed for CARITAS to enhance and expand their high-quality services to individuals in critical need of assistance,” said Merrill Hoopengardner, President of National Trust Community Investment Corporation.
CARITAS was founded in 1987 to provide effective, permanent solutions to individuals and families dealing with the crisis of homelessness and/or substance use disorders in the Metro Richmond area. It has a strong history of continued growth and successful fundraising to support its programs which include CARITAS Shelter, CARITAS Furniture Bank, CARITAS Works, and The Healing Place. Their new facility will allow the organization to greatly expand the capabilities of their existing services, while also creating new programs to more effectively serve their community.
The infusion of tax credit capital will enable the rehabilitation of a former industrial building that was originally a stemmery that supported the mass production of cigarettes. Originally constructed in the late 1950s, the plant was the epicenter of the Philip Morris Blended Leaf Complex historic district until 2011 when the factory was decommissioned and fell into disrepair.
“CARITAS has a legacy of community-building that inspires and engages the most vulnerable citizens in Richmond. This financing will help them create a new and efficient space to deliver their programs to community members,” said Vanessa Hampton, senior vice president at SunTrust.
In addition to supporting 57 full-time positions, a majority of which will be accessible to members of the surrounding low-income community, the expanded space will allow CARITAS to launch a new recovery program dedicated to supporting women.
The project is expected to open its doors by the end of this year. For more information on the project, click here