SAN FRANCISCO—National Trust Community Investment Corporation (NTCIC) is proud to announce that it has been awarded a Novogradac Journal of Tax Credits 2020 QLICIs of the Year Award for its investment in 683 Northland in Buffalo, N.Y., using new markets tax credits (NMTC). NTCIC and 683 Northland will receive recognition in the real estate category at the Novogradac 2020 New Markets Tax Credit Fall Virtual Conference, Oct. 29-30.
The 683 Northland development included the stabilization, remediation, and redevelopment of the Niagara Machine and Tool Works complex—one of the largest manufacturers of machines and tools for working sheet metal—to make space for the Northland Workforce Training Center. The rehabilitation of the industrial facility provides space for developing and maintain a skilled workforce to meet the needs of the advanced manufacturing and energy sectors and helps innovation-driven businesses excel. The CDEs for the development—NTCIC and Building America CDE—provided a combined $14 million in NMTCs that filled a significant financing gap without the need for more permanent debt. The NMTC financing allowed the developer, Buffalo Urban Development Corporation, to take a vacant, dilapidated warehouse and adaptively reuse it as a vocational training facility for quality jobs in the advanced manufacturing and energy sectors.
To learn more about the project, click here.
About the Novogradac Award
The Novogradac Journal of Tax Credits Awards recognizes participants who strive for excellence in community development, affordable housing, and historic preservation.
Winners are announced on an annual basis and the 2020 round of awards features the following categories: Qualified Low-Income Community Investment (QLICI) of the Year, Developments of Distinction, and Historic Rehabilitation. Nominations for awards are accepted year-round, but nominations received after the posted deadline will be considered for the following year if they meet the criteria.