Supporters and advocates for economic development in the St. Louis region gathered on September 14 for an interactive session on financial tools which support historic preservation, job creation, and overall community revitalization. Of the many tools offered, the New Markets Tax Credit (NMTC) and Historic Tax Credit (HTC) were highlighted as two critical ways to support capital stacks and fill vital gaps in commercial real estate projects.
NTCIC’s Acquisitions Manager Matt Prickett was one of six speakers at this event. Matt highlighted NTCIC’s Main Street Small Deal Fund (MSSDF), a financial option that provides up to $2 million in NMTC allocation and HTC equity to eligible small deals. This was the first time industry folks in the St. Louis region had an in-depth presentation on this financial option. Matt explored six specific criteria that determine eligibility for the MSSDF.
These criteria include:
1. Location – Must be located in a “severely distressed” low-income community
2. Size – Must expect $4MM-8MM in qualified rehabilitation expenditures
3. Readiness – National Park Service and local approvals must be met
4. Impact – Community impacts should support surrounding community
5. Tax Credits – NMTCs must leverage HTC equity creating a blended price
6. Structure – NMTCs and HTCs will be provided together
To submit your small deal fund project, contact Matt at firstname.lastname@example.org.
A project example that has utilized NTCIC’s MSSDF is the Owosso Armory located in Owosso, Michigan. The Armory is a 36,000-square-foot building that will be transformed into office and collaborative incubator space for community and small business initiatives. Tenants committed to relocate include the Shiawassee Chamber of Commerce and the Shiawassee Economic Development Partnership, as well as nine other local business owners.
For more information on Owosso Armory and its anticipated community impacts, check out its project profile at: https://live-national-trust-community-investment-corporation.pantheonsite.io/projects/owosso-armory/
To see and hear from those benefiting from the rehabilitation of Owosso Armory, watch its promotion video:
To learn more about NTCIC’s projects, visit: https://live-national-trust-community-investment-corporation.pantheonsite.io/projects
Photos by NTCIC and Shiawassee Regional Chamber of Commerce
Video by Shiawassee Regional Chamber of Commerce