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History Revitalization Efforts Community Impact Economic Impact

Historic Tax Credits

$3.7 Million Federal

New Markets Tax Credits

$2 Million

Total Project Cost

$23.2 Million

Project Partner

NJ Community Capital’s Community Asset Preservation Corporation, Crawford Street Partners, & Hanini Group

Impact

Arts Education Support & Access

St. Michael's Hospital
History

St. Michael's Hospital

The original St. Michael’s Hospital has been a part of Newark’s history for nearly 150 years. Established by the Franciscan Sisters of the Poor in 1869 to serve Newark’s poor and immigrant population, St. Michael’s continues to serve the needs of a growing community to this day.

The original four-story brick-bodied building, which was the focus of the historic restoration, was completed in 1871 and was part of the larger 357-bed teaching and research hospital complex. The highly regarded hospital was the first in the state to perform open-heart surgery and the first to develop a cardiac catheterization program.

The building itself is a beautiful example of Victorian Gothic architecture, featuring pointed arch windows and entrances and masonry of contrasting colors in alternating bands. The interior is flush with character and includes pressed tin ceilings, ceramic tile, double-loaded hallways, historic staircases, and a two-story chapel, all with Gothic ornamentation.

From Vacant to Vibrant
Revitalization Efforts

From Vacant to Vibrant

The sponsors purchased the property in 2016 when the hospital changed operators and invested almost $1 million to stabilize the structure, complete interior demolition, and remediate hazardous materials. The former St. Michael’s Hospital building in Newark, New Jersey is now the Newark Arts Commons, a center for arts education and creative co-living.

Community & Economic Impact

Supporting the Arts

GlassRoots programs are STEAM-based and their new 24,000 square foot space allows them to significantly expand their programming options to both young adults and the regional artist community. The organization had previously been housed in a 5,500 square foot facility, but their new home was able to quadruple the annual attendance of their school field trip activities from 776 students to over 3,200.

Additionally, their long-term youth programming, FLAME (Focus, Leadership, Arts, Mentoring, Entrepreneurship), was projected to increase from 30 annual participants to 82 annual participants within the first years in their new location. This program teaches vital leadership skills that have effectively improved the matriculation rate of its participants to 100%.

New Jersey has the largest concentration of scientific glass manufacturers in the nation. The 12-week workforce training program prepares young adults for entry-level positions, allowing high school graduates to compete for positions in the STEM fields. Seventy-five percent of graduates who have completed this program are now employed or pursuing a higher education degree. GlassRoots anticipated that workforce program participation would triple within the first years in the expanded Project space.

The project supported roughly 80 Full-Time Equivalent (FTE) jobs during construction, half of which were be hired from the local low-income communities. Upon completion, the project was projected to support 75 FTE positions.

36,300 Square Feet

of Nonprofit Space

25

Residences Created

80

Construction Jobs

75

Permanent Jobs

NTCIC & Progress

Financing & Impact

Newark Arts Commons was NTCIC’s 6th project supported by the Irvin Henderson Main Street Revitalization Fund. The Main Street Revitalization Fund provided financing through the Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) program to community development initiatives that support direct benefits to communities in need.

The Newark Arts Commons project was funded, in part, by NTCIC’s investment in the $3.7 Million federal Historic Tax Credits generated by the project and a New Markets Tax Credit allocation of $2 Million.

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History Revitalization Efforts Community Impact Economic Impact

Historic Tax Credits

$19.57 Million
Federal HTCs

Total Project Cost

$130 Million

Project Partner

Loew’s Jersey City Project LLC

Impact

Arts Education, Support, & Access

A Loew's "Wonder Theatre"
History

A Loew's "Wonder Theatre"

The Loew’s Jersey Theatre opened its doors in 1929 in Jersey City’s Journal Square. It is one of the five “wonder theatres” built in and around New York City, showcasing the grandeur of early 20th-century cinema. The theatre’s historic facade features intricate terracotta and brick elements, while its interior boasts ornate plaster detailing, fabric wall hangings, stone floors, and plaster ceilings. In recognition of its architectural and cultural significance, the Loew’s Jersey Theatre was designated as a New Jersey registered historic site in 2009.

The Curtain Rises
Revitalization Efforts

The Curtain Rises

The restoration of Loew’s Theatre involves updating outdated or non-operational MEP systems, installing a new elevator, and implementing a full-coverage sprinkler system and fully automatic fire alarm system. The exterior work includes historic restoration, terracotta repairs, brick repointing, steel repairs, new roof, new LED marquee, and replacing doors and windows. A new construction, two-bay loading dock will be added to allow for quick turnover between shows. While much of the interior work focuses on plaster detailing, painting, and restoring or replacing existing finishes and features, perhaps the biggest change will be remodeling the orchestra level to include removable seating. This renovation is key to realizing the theatre’s vision of hosting events of all different kinds, allowing for a variety of seating arrangements.

Community Impact

Renewal in Journal Square

Nestled in the heart of the vibrant Journal Square neighborhood in Jersey City, Loew’s Jersey is poised to return to its former glory as a cultural and economic beacon in one of the nation’s most diverse and densely populated urban centers, boasting 17,000 residents per square mile. Jersey City is currently experiencing a wave of construction and revitalization, with booming residential and commercial developments painting a promising economic picture. That being said, while the city is experiencing promising growth, Loew’s Theatre is located in a severely distressed census tract.

Renovation of the theatre will create local union construction jobs, and when Loew’s is reopens, up to 55 nights per year will be reserved for community-oriented programming. Designed with versatility at its core and hosting more than 160 events annually, the revamped venue will prioritize live concerts, with fully removable orchestra seats allowing for a dynamic range of configurations— from a 4,000-person standing concert crowd, to elegant table setups for private galas, or even an adrenaline-charged MMA ring.

NTCIC & Progress

Project Financing

The $130 million revitalization was supported, in part, by NTCIC through an equity investment in the $19.57 million of federal Historic Tax Credits generated by the project. Jersey City, Hudson County, and the State of New Jersey together are investing more than $100 million in the Project, with the State’s investment coming via the State Historic Tax Credit, known as the Historic Property Reinvestment Program.

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Curious About How Historic Tax Credit Investments Drive Real Impact?

Kandi Jackson leads tax credit investment activities with deep expertise in project finance, equity structuring, and compliance. When you speak with Kandi, expect clarity, honesty, and a clear roadmap for how your next investment can work in your portfolio.

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Project Details Impacts About Our Partners Contact Us

Energy Tax Credits

$28 Million

Megawatts

28.04

Project Partner

Dimension Energy

Impact

Sustainability

Community Solar Solutions
Project Details

Community Solar Solutions

In 2022, NT Solar provided a tax equity investment in the $28 million solar investment tax credits (ITCs) generated by the development of seven installations in New Jersey and a follow-on expansion investment in late 2023 for two installations in New York. These were NT Solar’s first two investments in partnership with Dimension Energy, a leading developer, owner, and operator of community solar. Placing in service in late 2023 and 2024, the nine rooftop and ground-mount sites provide cost-effective community solar solutions to local residents.

This investment was made through the Climate Impact & Revitalization Fund, established in 2020 by NT Solar and its parent organization, the National Trust Community Investment Corporation. The fund represents the collective efforts of NTCIC and NT Solar in providing capital to support decarbonization and climate change mitigation projects that make clean energy accessible and more affordable to local communities.

Impacts

Environmental Sustainability

The 28.04-megawatt (MW) portfolio will generate an estimated 37 gigawatt-hours (GWh) over the life of the project, which:

26,000 Metric Tons of CO2

Offsets 26,000 metric tons of CO2

30 Million Pounds of Coal

Offsets a CO2 emissions of 30 million lbs of coal annually

56,000 Acres of Forest

Sequesters same amount of carbon as over 56,000 acres of forest

About Dimension Energy

Partnership at Work

Dimension Energy is a leading developer, owner, and operator of turn-key community solar solutions, having deployed more than 400 megawatts and $400 million into clean energy assets since its founding in 2018. Dimension plans to invest an additional $2.5 billion over the next 5 years, with more than 2.2 gigawatts of projects

 

currently under development across 11 states. Dimension fosters long-term partnerships with each community it serves, investing in local green job creation through workforce training programs and STEM education. For additional information about Dimension, please visit www.dimension-energy.com

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