Historic Tax Credits
$5.54 Million Federal
New Markets Tax Credits
$5 Million
Total Project Cost
$40.2 Million
Project Partner
Hale Resources LLC
Impact
Affordable Housing, Workforce Development, and more.
History
Bennington High School
Built in 1913, Bennington High School is a significant example of an important public building displaying Beaux Arts style architecture. It was built to provide a larger educational facility as the high school population in Bennington increased rapidly between 1900 and 1912, and the original high school, built around 1875, could no longer accommodate the growing number of students. The new location opened in 1914 and served as the high school until the 1960s, when a third high school building was built, and the property became Mount Anthony Middle School. The middle school graduated its last class in 2004, and the building has stood vacant ever since.
Revitalization Efforts
A New Era Begins
Benn High is the sustainable redevelopment of a 100,000 square foot historic former school building in Bennington, Vermont, into a vibrant community hub that will consist of two condo structures, one utilizing New Markets and Historic Tax Credit financing and the other using Low Income Housing and Historic Tax Credit financing. The $40.2 million condo development that NTCIC helped finance using New Markets and Historic Tax Credits will consist of 22 workforce housing units and commercial space.
Community Impact
Creating a Community Hub
The Benn High redevelopment is expected to create 22 workforce housing units with five units at or below 80% AMI and all other units at 80-120% AMI. The Sponsor estimates there will be 27 new permanent full-time jobs created, and 35 full-time jobs retained, 85% of which will be high-quality jobs at a living wage and 75% of which will be accessible to people without a bachelor’s degree. Commercial tenants were chosen to maximize access to broad community benefits, including childcare, recreation, education, and senior services. A new childcare center will offer many seats for local families, with a majority reserved for those with lower incomes.
The YMCA will greatly expand community access to recreation and youth programs. The Sponsor estimates 4,308 individuals currently benefiting from the recreational center programming, with a projected 1,940 new users. The University of Vermont Extension estimates that more than 1,000 individuals in the community will benefit from their offerings, which include agricultural, nutrition, and community development resources. Senior programming will also grow, offering wellness, cultural, and social activities for both current and new participants.
1,940
New Users at Recreation Center
100%
Electric Upon Completion
100
New Seniors at Senior Center
27
Full-Time Jobs Created
102
Children in Childcare Facility
NTCIC & Progress
Project Financing
The $51 million revitalization of Benn High was supported in part by NTCIC through the facilitation of an equity investment in the $5.54 million Federal Historic Tax Credits (FHTC) generated by the project and an allocation of $5 million in New Markets Tax Credits (NMTC). NTCIC acted as the NMTC allocatee and asset manager, as well as the FHTC investment sourcer, underwriter, and closer.
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