$5.8 Million Federal
$5 Million
$31.5 Million
Gerding Edlen
Education Access
The building that now houses the Pacific Northwest College of Art was constructed between 1916 and 1918 and opened in 1919 after being commissioned by the Secretary of the Treasury. The building was one of the last post offices built under the 1893 Tarsney Act and was individually listed on the National Register of Historic Places on April 18, 1979.
In 2013, the building housed the Department of Homeland Security offices for U.S. Citizenship and Immigration Services and U.S. Immigration and Customs Enforcement. During this time, the agency “modernized” the building, lowering the ground floor ceilings to accommodate central heating and obscuring many of its original elaborate features.
The Pacific Northwest College of Art (PNCA) completely renovated the space to support the growth and expansion of the school’s overall student enrollment and to consolidate their spaces. The $31.5 million LEED silver rehabilitation included instructional spaces, classrooms, studios, laboratories, and supporting administrative and faculty spaces. It also includes a black box theater for lecture, performance, and installation purposes.
Some of the more unusual features of the building include marble walls, an elaborate original ceiling in the lobby and carvings featuring mythical beasts such as griffins. The building also has several vaults from its time as a post office that have been converted to function as dark rooms for developing photographs and to contain student installations.
Prior to the move to the new location, PNCA had enrolled over 600 students in 15 undergraduate and graduate programs and supported another 1,500 students through its continuing education programs. The new expanded facilities allowed the college to increase their admission potential.
At the start of the 2015 academic year, over 50 direct permanent jobs were created. It also has become a development bridge at Broadway between the Pearl District and Old Town/Chinatown and has activated
what would otherwise have become a vacant and deteriorating historic landmark.
The college has participated in a number of service projects to benefit the community, including the development of a library at a juvenile detention center and the ongoing project with Portland’s innovative Bud Clark Commons, a large center that serves people experiencing homelessness.
The creation of the Pythian was made possible, in part, by NTCIC through an investment in the $5.8 Million federal Historic Tax Credits generated by the project and a $5 Million New Markets Tax Credit Allocation.
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$1.3 Million Federal
$10.5 Million
Self-Help Credit Union
Education Access, and more.
Built in 1928, the main W. G. Pearson Elementary School building was named for William Gaston Pearson, a well-known African American businessman and educator. Born into slavery, his potential was recognized by a factory owner who financed his education at Shaw University in nearby Raleigh, NC. He began teaching at a small Durham grade school in 1886, where he later became principal. In 1922, W.G. Pearson became the first principal of Hillside Park High School, the first African American high school in the city, a position he remained in until his death in 1940 and for which he is best remembered. W.G.Pearson was also active in the city’s business and social life. Among other contributions, he was one of the original organizers of North Carolina Mutual Life Insurance Company; he helped found Mechanics and Farmers Bank on Durham’s “Black Wall Street”; and he served as a trustee for both North Carolina Central University and Kittrell College. Both North Carolina Mutual Life Insurance Company and Mechanics and Farmers Bank continue to operate today.
In the 1920s and 1930s, the growing black population in the Stokesdale district, as well as the philanthropy of both black and white businessmen, led to the construction of several new schools including W. G. Pearson Elementary in 1928. W. G. Pearson is the only school in the neighborhood to survive the late twentieth century intact. The school was most recently a magnet school for gifted and talented students in kindergarten through fifth grades.
The W.G. Pearson Building was renovated to create a long-term home for a non-profit college readiness program, Student U. The program had been utilizing space within the center for years, but through continued success and growth, needed to expand their services to the entire structure.
In addition to improving the existing instructional spaces, gymnasium, and cafeteria, the renovation created new spaces including arts and dance rooms; computer and technology labs; a multi-purpose auditorium; and office, training and convening spaces for Student U’s staff, Board, Learning Specialist, and Social Worker.
The mission of Student U is to empower DPS students to own their education by developing the academic and personal skills necessary to succeed in college and beyond. Student U works exclusively with low-income children who would be the first in their families to attend college.
The 51,000 square foot facility now houses Student U’s 21st Century Community Learning Center (CCLC) Year-Round Program, which is an out-of-school enrichment program designed to create a safe environment for students to complete their homework, prepare for classes, receive tutoring, and participate in various workshops. Student U also takes the students on educational field trips and college trips and provides support for parents.
By providing direct services during out of school time in the summer and after-school, and advocating for students and families within
schools, Student U has produced impressive results for the low-income families that they have served. Student U welcomed its first class of 50 students and 16 teachers in the summer of 2007, as a result of the collaboration of DPS, Durham Academy (a K-12 private prep school), the University of North Carolina at Chapel Hill, North Carolina Central University, and Duke University.
The model has a measurable impact: In 2013-2014, Student U students consistently performed higher on End of Grade (EOG) and End of Class (EOC) tests when compared to their peers who qualify for free or reduced lunch in DPS. Additionally, 100% of Student U’s students have graduated from high school and 97% of Student U’s graduating high school seniors are enrolled in college. With the additional space provided by the W.G. Pearson building, Student U is now able to serve 439 low-income children in the Durham community.
Graduated from High School
Enrolled in College
of Space in Facility
The WG Pearson Building renovation was made possible, in part, by NTCIC through an equity investment in the $1.3 Million in federal Historic Tax Credits generated by the project.
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$1.4 Million Federal
$10 Million
$11.7 Million
Alembic Community Development & St. Rose Community Development Corporation
Education Access, & more
The Rose Collaborative Project consists of the adaptive reuse of the former St. Rose de Lima Catholic Church and two adjacent schoolhouses in the Treme neighborhood of New Orleans into a community-serving arts, education, and entrepreneurship hub.
The church portion of the Project was originally built by the St. Rose de Lima congregation in 1880. The original church building was destroyed by a fire in 1913 but was rebuilt in 1915. The Catholic Church deconsecrated the property following Hurricane Katrina and the church remained vacant until acquired by Rose CDC and Alembic in 2016.
The schoolhouse portions of the property were built following the 1915 reconstruction of the Church. The first schoolhouse was built in 1925 and is similar in size and scale to the church. The second schoolhouse was built in 1938. The Orleans Parish School Board occupied the schoolhouses until Hurricane Katrina forced them to abandon the property.
The Project transformed the vacant St. Rose de Lima Catholic Church building and two schoolhouses into a cultural hub for the arts and education featuring a performing arts venue, a non-profit school, and small business incubation and co-working space.
During post-Katrina planning efforts, community leaders recognized a need for targeted investment in the arts and education and conceived the Rose Collaborative. Throughout its planning process, the development team worked extensively with community stakeholders to implement a shared community vision for the adaptive reuse of these historic properties.
Subsidy generated by the NTCIC investments allow for every project tenant to provide financial assistance to community members and program participants through tuition assistance, grants, and below market rents.
The Project’s performing arts venue allows the Southern Rep Theatre to expand its “School to Stage Pipeline” arts education to low-income communities. The “School to Stage Pipeline” programming includes
in-school intensive activities, afterschool workshops, summer camps, and apprenticeships. The Waldorf School increased the number of students it served from 150 to approximately 225 students at the Project.
To accommodate various tenant scheduling constraints, three temporary community-based tenants occupied the Waldorf School’s ultimate space during the Project’s first year. Operation Spark, whose mission is to help jumpstart software development careers for low-opportunity individuals, operated trainings at the Project serving 140 adults and youth. The New Orleans Career Center helped at least 120 high school students earn industry-based credentials and certifications. New Harmony High School, an ecology-focused high school, also opened its doors.
Students Served
Individuals Trained in Software Development
Students Earn Professional Credentials
Of Educational Space
Seats in Main Stage Theater
The Rose Collaborative was made possible, in part, by NTCIC through an equity investment in the $1.4 million in federal Historic Tax Credits (HTC) generated by the project as well as a $10 million New Markets Tax Credit (NMTC) allocation.
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$6 Million Federal
$10 Million State
$6 Million
$52 Million
Sustainable Community Associates & Friends of Mendelsohn
Education Access, Sustainability, & more
Park Synagogue was designed by world-renowned architect Eric Mendelsohn as a new home for the Anshe Emeth Beth Tefilo Congregation following the community’s move to Cleveland Heights after World War II. Conceived as a modern synagogue integrating worship, education, and community life, the building is widely regarded as one of the most important examples of modern religious architecture in the United States. Its iconic copper-clad dome and sculptural concrete forms reflect Mendelsohn’s Neo-Expressionist design philosophy. Park Synagogue served as the congregation’s primary place of worship and gathering for decades.
After the congregation established a new facility in Pepper Pike in 2021, the historic building entered a new chapter, led by a development team that includes Oberlin College graduates committed to preserving Mendelsohn’s vision while reimagining the site for arts, education, and community use.
The rehabilitation of the 70,000 square foot Park Synagogue transforms a former single congregation house of worship into a multitenant arts, education, and community campus while preserving its most significant historic spaces. The restored building will host Oberlin College’s satellite arts program, Park Arts performance and event spaces, and Colorful Minds Studio, expanding access to education, cultural programming, and community services. The sanctuary and chapel are preserved for religious observance and lifecycle events, maintaining continuity with the building’s original purpose. The vision for the project reimagines and extends Eric Mendelsohn’s original center for education and community, building on the congregation’s legacy of social engagement by opening the site to broader public use while preserving a place for Jewish life. Rehabilitation work prioritizes long-term sustainability, including a geothermal heating and cooling system and major improvements to the building envelope to improve energy performance.
During operations, the project’s tenants are anticipated to create and retain a total of 30 quality fulltime equivalent permanent jobs, many of which are accessible to residents of low-income communities. In addition, the project is projected to support 189 construction jobs during the development period. Once fully operational, the
project is projected to serve over 1,200 people annually across its arts, education, childcare, and community programs, over half of which are anticipated to be low-income people or residents of low-income communities, reflecting the project’s focus on inclusive access and community serving uses.
Jobs Created & Retained
Oberlin Students Supported Annually
Artists Supported Annually
Parks Arts Students Supported Annually
Acres of Green Space Enhanced
NTCIC supported the redevelopment of Park Synagogue by providing an equity investment in the $16 million in combined State and Federal Historic Tax Credits generated through the preservation and rehabilitation of the nationally significant landmark. In addition, NT Solar, a subsidiary of NTCIC, financed the $6.0 million in Investment Tax Credits generated by the project’s geothermal energy systems, marking the first time NTCIC and NT Solar provided tax credit financing within the same project.
The project received substantial public and philanthropic support, reflecting broad community commitment to the redevelopment. Public financing includes State and County Brownfield grants, a Strategic Community Investments grant, County ARPA funding,
a State Cultural Facilities Capital grant, and grants from Cleveland Heights and Cuyahoga County. The project is further supported by approximately $12.4 million in philanthropic contributions raised through a capital campaign.
NTCIC sourced the historic tax credit investment capital, underwrote the transaction, and supported closing efforts. NT Solar served as the Investment Tax Credit investment sourcer and underwriter, provided financial closing services, and will serve as ITC asset manager during the compliance period. NTCIC will also serve as historic tax credit asset manager, providing construction monitoring and ongoing oversight to support long term preservation and community outcomes.
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$8.13 Million Federal
$4.95 Million State
$5 Million
$43.8 Million
City of Middletown
Childcare Services, Social Services
Constructed between 1892 and 1893, the New York, Ontario & Western Railway Station stands as one of Middletown’s most significant historic landmarks. Designed in the Richardsonian Romanesque style by prominent railroad architect Bradford Lee Gilbert, the station served both as a passenger terminal and as the principal offices of the Ontario & Western Railway. Expansions in 1904 and 1920, designed by local architect David Canfield, reflected the railroad’s growth and introduced new architectural elements while preserving the building’s commanding presence.
For more than six decades, the station played a central role in Middletown’s economic and civic life, anchoring the city’s connection to regional transportation networks. After passenger service ended in 1957, the building saw a series of adaptive uses before falling vacant following a fire in 2004. Despite years of deterioration, the station has retained its defining historic character and remains a powerful symbol of Middletown’s railroad heritage.
The redeveloped facility will provide larger classrooms with accessible bathrooms, space for disability services, adequate storage, private offices and meeting rooms, a separate parent area, a large-group training space, an indoor gross-motor space, and ADA-compliant access throughout. Outdoor improvements are anticipated to include three preschool environments: an accessible playground, an active playground, and an outdoor classroom with a tricycle track, art studio, and dramatic play stage.
Once complete, the historic Ontario & Western Railway Station will consolidate Head Start and other childcare programming operated by the Regional Economic Community Action Program (RECAP) that is currently spread across two leased locations in Middletown. Today, RECAP serves 136 Head Start children in facilities housed within active churches that cannot effectively support the needs of children, families, or staff. These two locations will be relocated and expanded at the Project, enabling RECAP to serve additional students while improving the quality of its services.
The redeveloped facility will provide larger classrooms with accessible bathrooms, space for disability services, adequate storage, private offices and meeting rooms, a separate parent area, a large-group training space, an indoor gross-motor space, and ADA-compliant access throughout. Outdoor improvements are anticipated to include three preschool environments: an accessible playground, an active playground, and an outdoor classroom with a tricycle track, art studio, and dramatic play stage.
The Project will significantly expand and strengthen early childhood and family services in Middletown by consolidating RECAP’s two existing Head Start locations into a single, purpose-built facility. Currently, RECAP serves 136 children ages 3–5 across leased, suboptimal sites. At the Project, RECAP will increase preschool enrollment to 146 children annually and add two new programs: one serving infants and toddlers ages 6 weeks to 3 years with an estimated enrollment of 40 children, and another serving children ages 5 and older with an estimated enrollment of 36 children.
The new facility will allow RECAP to provide full day Head Start programming to 100% of children ages 3–5, compared to current
operations where 62 children are enrolled in part day sessions and 74 in full day sessions. All enrolled children will receive additional services, including early childhood substance abuse prevention, in class mental health support, vision and health screenings, and developmental screening.
The Project will also expand services for families, increasing adult education and asset building services, such as financial education and debt counseling, from 124 to 135 adults annually. Onsite operations will support about 73 fulltime equivalent jobs (41 retained and 32 created), with 99% of positions paying a Living Wage or higher and offering comprehensive benefits.
Children Served Annually
Families Served Annually
Square Feet of Historic Space Restored
Jobs Created & Retained
Population Served from Low-Income Communities
NTCIC provided a $5 million New Markets Tax Credit allocation, as well as an equity investment in the $13 million federal and state Historic Tax Credits generated by the Project. These investments supported the rehabilitation of the Ontario & Western Railway Station and its conversion into a community serving childcare facility.
In addition to NTCIC’s NMTC allocation, the Project leveraged an additional $7 million in New Markets Tax Credit allocation from Empire State New Market Corporation, as well as more than $30.05MM from the City of Middletown which included cash on hand, bond proceeds, ARPA funds, and $7.9MM in NY state agency
grants, reflecting strong local and statewide support for the redevelopment.
NTCIC served as the federal NMTC allocatee and acted as the federal and state Historic Tax Credit investment sourcer, underwriter, and closer. NTCIC also serves as the asset manager for the New Markets and Historic Tax Credits investments, and fund manager for the Historic Tax Credit investments, providing ongoing oversight and coordination across multiple financing sources to support the Project’s long-term success.
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$5 Million
$191 Million
Crosstown Arts
Economic Development
With a foundation as a sophisticated mail-order operation that began in 1889, Sears Roebuck & Company successfully created the role of “buyer for the American farm” by connecting rural people to retail goods. Its goals were to reach communities in rural areas that had limited access to retail stores and to provide affordable and quality goods that might otherwise only be found in the largest cities.
On August 8, 1927, Memphis Mayor Rowlett Paine officially opened the Memphis Sears distribution center and retail store in the Crosstown neighborhood. As one of ten nationwide distribution centers, the Crosstown facility was one of the last three catalog centers to be opened prior to the Great Depression.
The initial 650,000 square-foot facility was built in only 180 days and eventually grew to a 1.5 million square-foot complex. The catalog distribution function of the building remained in use until 1993, when all catalog sales nationwide at Sears were discontinued. Partial operations were also relocated to newer warehouse facilities in other parts of Memphis, and the building was abandoned.
Vacant for over 20 years, this building has now been saved and repurposed with a new community-serving purpose. Thanks to the vision of nonprofit Crosstown Arts, in partnership with Kemmons Wilson Companies and a group of community stakeholders and founding tenants, the new Crosstown Concourse has emerged as a mixed-use, “vertical urban village” with roots in arts, education and healthcare.
Reopened on August 18, 2017 (on the building’s 90th birthday), Crosstown Concourse now contains 269 residential mixed-income housing and commercial, retail, education and healthcare space. Tenants include a charter high school for arts and sciences, a teacher residency/graduate urban education program, a wellness and fitness center, primary and urgent healthcare clinics, contemporary art exhibition space, shared art-making facilities, a comprehensive cancer treatment center, and a retail mix that includes a fresh market, pharmacy and restaurants.
Crosstown Concourse is the largest historic adaptive reuse project in the state of Tennessee and serves as an anchor and catalyst for revitalization and economic development in Memphis as well as the surrounding communities. Over 6,500 construction workers provided over 2.5 million hours of labor in the rehabilitation resulting in this adaptive reuse. 95% of the construction contracts were managed by local Memphis-owned business and 32% of the contracts were awarded to minority-owned companies.
Crosstown Concourse attracts approximately 3,000 students, retail customers, residents and patients every day. This “vertical urban village” serves approximately 125,000 healthcare patients and 2,500 students and teachers per year and created an estimated 500 new
permanent jobs. Community members utilize health and wellness services at Church Health, one of the project’s tenants seeking to improve health and well-being in the community. Teach for America, Crosstown High, and Crosstown Arts all offer services that are dedicated to further cultivating the educational and creative community in Memphis.
Crosstown Concourse offers 269 apartments consisting of 12 micro units, 24 studios, 64 one-bedroom, 155 two-bedroom and 8 three-bedroom apartments. The units are offered to residents at a range of income levels; 20% of these units are considered affordable housing at 80% or below of area median income.
269
1 Million SF
125,000 annually
500
6,500
Closed in 2014, NTCIC’s involvement in financing Crosstown Concourse included providing an allocation of $5 million in New Markets Tax Credits to help bring the 1 million square foot project to life.
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$6.5 Million
$10 Million
$47.4 Million
Cleveland Institute of Art
Education Access
Designed by Albert Kahn, the famed “architect of Detroit,” the McCullough Center was Ford’s first assembly plant outside of the Motor City. In its 1920s heyday, hundreds of Model T’s rolled off its lot every day. But after Ford closed the plant in 1932, the building foundered for decades, serving as a sales office, a warehouse, and office space. By the time Cleveland Institute of Art (CIA) acquired the iconic 1915 building in 1981, it was already in need of considerable renovation, if not an outright overhaul.
Due to cost constraints, however, the Center’s full potential as a hub of artistic endeavor was left unrealized for 25-plus years. During this time, CIA’s campus was split between two buildings separated by a half mile of parking lot – a drab, deadening asphalt gulf that students dubbed “the Beach.”
More than a century after it first opened its doors, the 250,000 square foot space in downtown Cleveland is giving young artists, designers, filmmakers, photographers, and coders a unique, adaptable space to hone their crafts, while helping to revitalize an entire Cleveland neighborhood. In 2015, the revived and expanded Center opened its doors with revamped galleries, additional classrooms accommodating CIA’s variety of aesthetic disciplines, a new library, a large atrium connecting the old and new wings, and individual creative studios for each student.
The new Center projects student art on large screens outside the complex, allowing the neighborhood to enjoy some of the innovative and dramatic creations by CIA students. It also boasts the Peter B. Lewis Theater, a state of-the-art 4K cinema complex to house CIA’s long-running and nationally recognized Cinematheque theater, which shows beloved classics, arthouse favorites, and new programming to students and members of the public alike.
NTCIC provided a New Markets Tax Credit allocation of $10 million and an equity investment in the $6.5 million of federal Historic Tax Credits generated by the project. Today, the Center is once again a locus of creativity, production, and economic vitality in Cleveland. More than just revive CIA, the refurbished Center has been a catalyst for the burgeoning neighborhood, now being called “Uptown.” Since the renovation broke ground, Uptown has added shops, a grocery
store, new restaurants, and additional housing, and has been nominated for national urban excellence awards. The revitalized space has allowed the school to strengthen its admissions and nearly double the number of students it can support. It also serves as an anchor in the revitalization of the Euclid-Mayfield neighborhood, which links University Circle and Little Italy, into a vibrant arts focused district.
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$8.25 Million
Federal & State
$4 Million
$37.7 Million
Education Access
Originally constructed in 1935, the Chicora Graded School served the Chicora-Cherokee neighborhood of North Charleston, a community closely connected to employment at the Charleston Navy Yard. The school replaced an earlier facility built in 1921, which by 1929 enrolled approximately 307 students, prompting capacity expansions. As enrollment continued to grow, the campus was expanded multiple times between 1938 and 1955, adding classrooms, an auditorium, a cafeteria, and administrative space.
For decades, the building functioned as a public elementary school, first as a segregated school for white students and later as a more integrated neighborhood school. Following the closure of the Navy Yard in 1996, the surrounding area experienced economic decline and shifting demographics. By 2011, the school suffered from deferred maintenance and declining enrollment, leading to its closure. Vacant for more than a decade, the building remains significant for its role in local educational history.
Upon completion, the former Chicora Graded School will be rehabilitated into a college‑preparatory high school serving exclusively low‑income students from the greater Charleston region. The renovated facility will include modern classrooms, administrative offices, science and technology labs, a cafeteria and commercial kitchen, assembly and gathering spaces, and outdoor areas designed to support both academic instruction and workforce development programming.
The school will operate as part of the Cristo Rey network, which combines rigorous college‑preparatory coursework with a corporate work‑study model that allows students to gain real‑world professional experience while offsetting the cost of tuition. Tuition at Cristo Rey operates on a sliding scale based on need, with most families not paying any tuition at all. The project is designed to accommodate up to 400 students and to create an education environment intentionally structured to expand access to opportunity for underserved families.
The redevelopment of the former Chicora Graded School delivers targeted community impact by expanding access to high‑quality education and workforce pathways in one of North Charleston’s most economically distressed neighborhoods.
Nearly 40% of residents in the surrounding community live in poverty, and local schools serving this area have historically been underfunded, with graduation and college‑completion rates for students of color lagging significantly behind state and regional averages.
In response, the project will serve up to 400 high school students, all from low‑income households, 99% of whom identify as students of color.
The school combines rigorous college‑preparatory academics with a corporate work‑study model that provides students with paid professional experience, mentorship, and exposure to career pathways while they are still in high school. In addition to educational outcomes, the project generates community benefits through permanent job creation, workforce training, and the reactivation of a long‑vacant neighborhood anchor.
Collectively, the project addresses educational inequity, strengthens workforce readiness, and supports long‑term economic mobility for students and families across the Charleston region.
51 Permanent
142 Construction
94%
400
99%
The $37.7 million project was funded through a variety of sources, including an equity investment by NTCIC in the $5.5 million federal and $2.75 million state Historic Tax Credits generated by the project and a $4 million New Markets Tax Credit allocation. The project was also funded with $2.8MM of South Carolina’s State Abandoned Building Tax Credit.
NTCIC’s roles in the project include acting as a NMTC Allocatee and Asset Manager, federal and state HTC investment sourcer, underwriter, and closer, Federal and State HTC Asset Manager, Federal and State Fund Manager, and Abandoned Building Tax Credit syndicator.
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$4.1 Million
$6 Million
$26 Million
MIS Capital
Education Access
Built in 1913 and designed by architect Henry deCoursy Richards, the John Greenleaf Whittier School has anchored Philadelphia’s Allegheny West neighborhood for generations. Named for the abolitionist poet, the three-story brick building with terra cotta details and a U-shaped courtyard welcomed thousands of local students over its long history. Whittier Elementary was a vital resource for the community, reflecting the evolving needs and diversity of North Philadelphia.
After nearly a century of service, the school closed in June 2013, leaving the building vacant and the neighborhood without a key educational institution. Recognizing both the architectural significance and the urgent need for accessible learning opportunities, KIPP Philadelphia Public Schools committed to revitalizing Whittier as the new home for its middle school program.
The former Whittier School has been transformed into a modern, high-performance facility for KIPP Philadelphia’s middle school program.
The 78,000-square-foot building, vacant since 2013, underwent a full rehabilitation to create state-of-the-art classrooms, a new cafeteria, a multi-purpose gym and auditorium, and an outdoor education area.
Designed to accommodate up to 700 students, the revitalized school now provides expanded educational opportunities for families in Allegheny West.
The revitalized Whittier School now provides a modern, high-quality learning environment for up to 700 middle school students in Allegheny West. By expanding capacity from 360 students, KIPP Philadelphia addresses significant demand for accessible, college-preparatory education in an underserved neighborhood. The school’s open enrollment lottery ensures equitable access for families citywide.
KIPP Philadelphia primarily serves economically and educationally disadvantaged students, with 86% qualifying for the Federal Meals Program and 24% receiving special education assistance. The student body reflects the surrounding community, with 98% identifying as African American or Hispanic. The project also created new green spaces and public access areas, strengthening connections between the school and its neighbors.
The revitalized school now serves up to 700 students, up from 360.
86% of students qualify for the Federal Meals Program.
24% of students receive Special Education Assistance.
The project delivered 80 union construction jobs and supports 70 permanent full-time equivalent jobs.
New outdoor education areas and public-access green space strengthen neighborhood connections.
NTCIC provided $6 million in New Markets Tax Credit allocation and an equity investment in the $4.1 million in Federal Historic Tax Credits generated by the project, making the $26 million rehabilitation of Whittier School possible. These investments enabled the transformation of a vacant historic building into a modern, high-performance educational facility for KIPP Philadelphia’s middle school program.
The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the school’s fundraising burden and ensuring financial feasibility. Construction created 80 union jobs, while the completed school supports 70 permanent positions and offers below-market rents, maximizing resources for student success and long-term neighborhood revitalization.
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Irvin Henderson Main Street Revitalization Fund
$3.25 Million
$4.7 Million
The Field School
Education Access
Built in 1907, the Francis Scott Key Public School served Chicago’s South Austin neighborhood for more than a century. Designed by Dwight Perkins, then chief architect for Chicago Public Schools, the building originally accommodated 300 students in kindergarten through eighth grade. Enrollment surged to nearly 800 by the late 1960s, creating overcrowded conditions that persisted for decades. Teachers’ lounges and even closets were converted into classrooms to meet demand.
As new charter schools opened in the early 2000s, enrollment declined sharply. In 2013, the Chicago Board of Education closed 49 schools, including Key, the largest single wave of school closures in U.S. history. Vacant for nearly a decade, a new chapter began for the building in 2017.
Completed in 2023, the former Key School annex now serves as the new home of The Field School, an independent elementary school founded in 2017 to meet the needs of low-income students on Chicago’s West Side.
Moving from its rented Oak Park space, the school purchased the historic Key School buildings to expand enrollment from 150 to 400. This revitalization preserves the building’s character while creating modern, community-centered learning spaces.
The revitalization efforts have helped the students and community of Chicago’s South Austin neighborhood in the following ways:
The Field School has moved from its rented church space into the revitalized Key School building, creating room to grow beyond its previous 150-student limit. With the new facility, enrollment can increase by up to 240 students, and with the second phase complete, the school has capacity for 400 students. This expansion ensures long-term stability and provides modern learning spaces for families on Chicago’s West Side.
Relocating from the more affluent Oak Park neighborhood to South Austin allows the Field School to better fulfill its mission of serving children who lack equitable access to quality education. At least half of the school’s seats are reserved for families from low-income homes. Currently, 25% of students come from extremely low-income households earning less than $30,000 annually, and the school aims to raise that figure to 30% or more.
The larger facility will support a capacity of 400 students.
25% low-income student base with a goal of 30%
Students no longer need to commute out of the neighborhood for high-quality education.
NTCIC provided critical financing through a $3.25 million New Markets Tax Credit (NMTC) allocation from its Irvin Henderson Main Street Revitalization Fund. This support made the acquisition and rehabilitation of the historic Key School building possible in the time required in their bid to the city for the building, ensuring the Field School could relocate and expand without significant delays.
The $4.7 million project leveraged NMTC financing alongside millions in fundraising by the Field School. This investment reduced the school’s fundraising burden and allowed construction to be completed on schedule, creating modern educational spaces that serve the South Austin neighborhood and support long-term community revitalization.
We bring clear insight, deep experience, and strategic focus to every project, whether you're structuring complex capital or shaping long-term, legacy-driven development.
