Federal Historic Tax Credits

$4 Million

New Markets Tax Credits

$10 Million

Total Project Cost

$28.4 Million

Project Partner

Cross Street Partners

Impact

Workforce Development
Education Access

A History in Print
History

A History in Print

The Hoen & Co. Complex, originally constructed in 1885 in Baltimore, MD, is the last remaining site of the oldest continuously operating lithographer in the United States. Known for their precision and high-quality work that elevated the medium, the Hoen & Co. lithographers specialized in cartographic, scientific, and pictorial illustration, producing maps that were influential in the settlement of the West and setting national boundaries. Their maps were used in the National Geographic Society’s first bound atlas and comprised the full collection of insert maps in the National Geographic magazine. They also frequently partnered with the Johns Hopkins University Department of Art as Applied to Science in the creation of extraordinarily detailed medical illustrations.

The company succumbed to bankruptcy in 1981 after the pressure of a decline in business and a rise in cost-effective digital options. The buildings sat vacant until they were acquired by the City of Baltimore and sold to the collaborative team leading the current redevelopment.

A communal space within the revitalized Hoen Lithograph building
Revitalization Efforts

The Center for Neighborhood Innovation

Completed in 2020, the 86,000 square foot former lithograph printing facility is now the Center for Neighborhood Innovation (CNI), a new model for community transformation. It co-located workforce development programs, educational training, neighborhood revitalization advocates, and nonprofits committed to strengthening the local neighborhood.

Hoen is now home to several impactful nonprofit, university programs, businesses, and workforce development programs helping to expand opportunities in Baltimore’s east side communities.

Community Impact

Creating Opportunities in East Baltimore

The revitalized Hoen Lithograph building, which completed construction in 2020, is now a thriving hub of innovation, workforce training, research and opportunity in East Baltimore. The building now supports hundreds of students working to address health inequities in their communities, community members looking to expand their

employment opportunities, and creative minds helping to highlight Baltimore as a powerhouse in the entertainment industry. Workforce training programs located at Hoen Lithograph support 575 students each year, while social service programs support 2,500 annual visits.

575

Annual Workforce Training Participants

2,500

Annual Social Service Clients

60%

Returning Citizen Participation of Project Jumpstart

86,000

Square Feet of Historic Space Restored

NTCIC & Progress

Financing the Project

NTCIC provided $10 million in New Markets Tax Credit allocation and an equity investment in the $4 million in Federal Historic Tax Credits generated by the project, making the $28.4 million rehabilitation of the Hoen Lithograph building possible. These investments enabled the transformation of a vacant historic building into the Center for Neighborhood Innovation, provide below-market rents to impactful organizations that help change lives and support community revitalization.

The project leveraged NMTC and HTC equity alongside loans, grants, and sponsor equity, reducing the need for traditional debt. Construction created 50 quality jobs, while the completed complex supports nearly 300 permanent full-time equivalent (FTE) positions, as well as 3,100 program participants each year.

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Historic Tax Credits

$3.5 Million Federal
$3.5 Million State

New Markets Tax Credits

$8 Million

Total Project Cost

$21+ Million

Project Partner

J. Jeffers & Co.

Impact

Small Business Support, Economic Development, & more

History

Malted Milk Puts Racine on the Map

For nearly a century, the Horlick Malted Milk Company helped put Racine on the map. Founded by brothers James and William Horlick, the company pioneered malted milk products that became known around the world. Their products accompanied explorers on expeditions to Antarctica, supported troops during World War II, and became a staple in homes and soda fountains across America. 

To meet growing demand, the Horlick brothers constructed an expansive industrial campus beginning in the late nineteenth century. Defined by its Gothic-inspired architecture, soaring smokestacks, and iconic clock tower, the complex became one of Racine’s most recognizable landmarks and an enduring symbol of the city’s manufacturing heritage. 

The Horlick Company also helped advance milk preservation practices and supported agricultural growth throughout the Midwest by purchasing large quantities of milk from regional dairy farms. At its peak, the company employed hundreds of workers and played a central role in Racine’s economy. 

As manufacturing patterns changed throughout the twentieth century, portions of the campus were sold and repurposed. Following the closure of Horlick’s operations, many of the buildings sat underutilized for decades despite their architectural significance. Recognizing both the historic importance and redevelopment potential of the site, local and national partners embarked on a multi-phase effort to restore the complex and return it to productive use. 

Dynamic & Usable Space for All
Revitalization Efforts

Dynamic & Usable Space for All

The commercial phase of Belle City Square rehabilitated more than 130,000 square feet across four historic buildings within the Horlick campus. Through a combination of historic preservation, strategic investment, and community partnerships, the project has transformed formerly vacant industrial space into a dynamic center for business growth, workforce training, entrepreneurship, and community engagement. 

Community Impact

Fostering Economic Mobility & Social Inclusion

Belle City Square has generated meaningful community impact by creating spaces that foster economic opportunity, workforce development, entrepreneurship, and social inclusion. 

The project supports a diverse mix of nonprofit organizations, educational programs, and growing businesses that collectively provide employment opportunities and workforce training for Racine residents. Programs operating within the development help connect individuals to career pathways, professional certifications, entrepreneurial resources, and supportive services that strengthen

long-term economic mobility. The Inclusive Bean has become a regional model for inclusive employment, creating meaningful work opportunities for individuals with disabilities while promoting greater community understanding and engagement. 

The project also provides space for makers, artists, entrepreneurs, and small businesses that may otherwise face barriers to accessing affordable commercial space. Through collaborative partnerships and shared resources, these organizations contribute to a growing ecosystem of innovation and local economic development. 

NTCIC & Progress

Economic Impact

The rehabilitation of Belle City Square required a layered financing strategy to address the challenges associated with redeveloping large historic industrial buildings. NTCIC supported the 4th phase of the historic restoration efforts through an $8 million New Markets Tax Credit allocation, without which a funding gap would still exist, preventing project completion. NTCIC also facilitated an equity investment by US Bank in the $7 million of state and federal Historic Tax Credits generated by the development.

The financing structure leveraged public and private investment sources, including TIF Financing and traditional debt, and grants and loans from the Milwaukee Preservation Alliance. The project also received $13 million in additional NMTC allocation provided by First Industrial Redevelopment Enterprise (FIRE). This collaborative approach enabled the preservation of historically significant structures while creating a platform for long-term economic growth and community benefit.

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Historic Tax Credits

$6.1 Million Federal

New Markets Tax Credits

$5 Million

Total Project Cost

$37.7 Million

Project Partner

Self-Help Ventures

Impact

Small Business Support, Housing, & more

Textile Industry in the South
History

Textile Industry in the South

Built in 3 phases between 1900 and 1915 in Greensboro, North Carolina, the Revolution Cotton Mills is an example of the diversification in the Southern textile industry during the late nineteenth and early twentieth centuries. It was founded as a joint venture of the Cone and Sternberger families, two prominent Jewish families integral to Greensboro’s development.

The mill was fully operational by September 1900 and included 12,000 spindles, 376 looms, employed 350 people, and had 125 company houses – creating the village of Revolution. A 1910 description of the mill noted that “the company houses its employees in neat, modern houses and has supplied the village of Revolution with schools, free kindergarten, healthcare facilities, playgrounds, summer camps, a YMCA, churches, and every possible convenience.”

Revolution Mills’ particular significance lies in the fact that it was reputed to be the first flannel mill in the South, at a time when flannel was an increasingly popular fabric. By the 1930s, Revolution Cotton Mills had become the largest exclusive flannel mill globally, growing to over 1 million square feet and producing over 50 million yards annually.

In 1947, the Revolution Cotton Mills merged with Proximity Manufacturing Company, a secondary business venture founded by the Cone family, to become the Cone Mills Corporation. For approximately thirty years after the merger, the Revolution plant continued to produce flannel goods.

In the late 1970s, however, with new government standards concerning flammability, the company elected to get out of the flannel business. The plant was then converted to corduroy production, with a large export market, but when this market deteriorated, Cone Mills shut down the Revolution plant for good in February 1982. In 2012, Self-Help Ventures bought the mill and embarked on the first phase of redevelopment for the complex. The main campus was complete in 2019, and the Mill House project represents the final piece of the Revolution Mill development.

Center for Education & Community
Revitalization Efforts

Center for Education & Community

After its renovation, the original cloth warehouse is now the Mill House and includes 33 mixed-income units, as well as more than 57,000 square feet of commercial space and nearly 10,000 square feet of coworking space managed by Self-Help.

Community Impact

Becoming a Community Asset

The Mill House was vacant and underutilized for nearly 40 years, deteriorating considerably during that time. The revitalization efforts created 225 construction jobs that paid above living wage with full-benefit packages including healthcare, paid holidays, paid time off, and retirement benefits. The development team worked with general contractors to prioritize having a diverse group of businesses on the project.

Upon completion, the project supported 250 permanent jobs

through new and existing businesses. The business incubator managed by Self-Help supports 25 small businesses annually, and five additional office spaces in the building are marketed at below-market rents for local, MBE/WBE businesses and nonprofit organizations.

The local restaurant and retail tenants are provided with a flexible rental structure that allows them to succeed as they expand into the area market.

225

Construction Jobs Created

250

Permanent Jobs Created

25 Annually

Small Businesses Supported

5

Affordable Office Rentals

NTCIC & Progress

Economic Impact

The historic restoration of the final phase of the Mill House was made possible, in part, by NTCIC through an equity investment in the $6.1 million in federal Historic Tax Credits (HTC) generated by the project and a $5 million New Markets Tax Credit allocation.

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Historic Tax Credits

$4.3 Million Federal

New Markets Tax Credits

$12 Million

Total Project Cost

$27 Million

Project Partner

CARITAS

Impact

Social Services, Healthcare, & more

History

Philip Morris Blended Leaf Plant

The Philip Morris Blended Leaf Plant is a former industrial building that was originally a stemmery that supported the mass production of cigarettes. Originally constructed in the late 1950s, the facility was part of an ambitious plan of expansion initiated in the 1950s by the Philip Morris Company. The plant was the epicenter of the Philip Morris Blended Leaf Complex historic district, listed on the National Register of Historic Places in 2017, until 2011, when the factory was decommissioned and fell into disrepair.

A Space Renewed
Revitalization Efforts

A Space Renewed

The former warehouse is now the new headquarters for Congregations Around Richmond to Assure Shelter (CARITAS), a center of support and recovery for those experiencing homelessness and battling addiction or substance use disorders. 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. The creation of this facility allowed the organization to greatly expand the capabilities of their services while also creating new programs to more effectively serve their community. 

Community Impact

Second Chances Happen Here

By co-locating the various programs CARITAS supports, the organization has saved over $350,000 on an annual basis, which allowed it to further develop new and existing services. The project also allowed CARITAS to expand their Healing Place program to include services specifically dedicated to supporting women in need. The furniture bank supports nearly 1,000 families each year by providing those transitioning to permanent housing with low/no-cost furniture. Through the CARITAS Shelter program, the revitalized space added 40 sober living units and seven transition units for program graduates and community members. By incorporating

housing into the new facility, CARITAS no longer had to carry an $86k/year expense for the nine apartments and two houses that it used to lease to male alumni and transitional clients. 

CARITAS’ new location allowed for 26 new permanent full-time positions, with 14 of those created as a direct result of the expansion into the space. Approximately 70% of the newly created jobs were accessible to LIPs or residents of LICs. All new job opportunities for the Women’s Healing Place program were made available to members of the surrounding community. 

26

Full-Time Jobs Created

$350,000

Saved Annually by CARITAS

1,000 Families

Using Furniture Bank Annually

40

Sober Living Units

7

Transitional Living Units

NTCIC & Progress

Economic Impact

The renovation of the former Philip Morris Blended Leaf Plant into CARITAS’ new headquarters was made possible, in part, by NTCIC through an equity investment in the $4.3 million in federal Historic Tax Credits (HTC) generated by the project and a $12 million New Markets Tax Credit allocation. 

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