Historic Tax Credits

$1.3 Million Federal

Total Development Cost

$10.5 Million

Project Partner

Self-Help Credit Union

Impact

Education Access, and more.

William Gaston Pearson's Legacy
History

William Gaston Pearson's Legacy

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.

Expanding Education Access
Revitalization Efforts

Expanding Education Access

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.

Community Impact

Empowering Students

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.

100% of Students

Graduated from High School

97% of Students

Enrolled in College

51,000 Sqaure Feet

of Space in Facility

NTCIC & Progress

Economic Impact

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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Historic Tax Credits

$1.5 Million Federal

New Markets Tax Credits

$9.5 Million

Total Project Cost

$10.2 Million

Project Partner

Self-Help Ventures

Impact

Small Business Support

Historic Angier Avenue
History

Historic Angier Avenue

In the 1880s, the founding members of Angier Avenue Baptist held Sunday school classes out of a “small wooden structure known as the Oak Grove School.” At this time, East Durham had not yet been incorporated into the city of Durham. It was a separate town with its own officials and did not yet have electricity, running water, or paved streets. In search of a permanent location for the church, the founders decided that the intersection of Angier Avenue and Driver Street would be the location for their new church. It was completed in 1889 and lit with kerosene lamps and heated with coal-burning stoves. The sanctuary was further expanded in 1924 and remained a community fixture for nearly a century.

The project also includes the revitalization of three additional storefront buildings lining the central thoroughfare. They’ve hosted many local businesses since they were originally constructed in the 1920s but have been vacant or underutilized for years. The parish experienced declining memberships in recent years, and the building was purchased along with the neighboring buildings by Self-Help Credit Union, a locally headquartered member-owned mission-driven credit union, nonprofit loan fund, and policy advocacy organization.

A Hub of Support
Revitalization Efforts

A Hub of Support

The former church and collection of buildings are now the Angier Business & Children’s Center (ABC), a hub of support for the children and families of East Durham, as well as a space for local businesses and nonprofits to grow. The five historic buildings representing 45,000 square feet of office and retail space are now leased to businesses owned or nonprofits run by community members.

Community Impact

Supporting Children and the Community

The creation of the ABC Center provided new space for the Durham Children’s Initiative (DCI) and All my Children to grow and better serve their predominantly low-income community. DCI was able to roughly double the number of children and families they support on an annual basis, bringing the number to around 2,000. The revitalized commercial spaces have been home to a variety of businesses

that are desperately needed in the community including independent pharmacies and affordable office and retail space for local entrepreneurs. In total, the project created 40 construction jobs and 120 permanent jobs in the community and helped to revitalize the historic East Durham business district.

2,000

Individuals Supported by DCI Annually

45,000 sq ft

of Leasable Space

40

Construction Jobs Created

120

Permanent Jobs Created

NTCIC & Progress

Economic Impact

The ABC Center was made possible, in part, by NTCIC through an equity investment in the $1.5 million in federal Historic Tax Credits (HTC) generated by the project as well as a $9.5 million New Markets Tax Credit (NMTC) allocation.

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Federal Historic Tax Credits

$8.3 Million

NC Mill Rehab Tax Credits

$16.5 Million

Total Project Cost

$52 Million

Project Partner

Tribridge Residential

Impact

Housing, Economic Development

History

One of North Carolina's Largest Textile Mills

Constructed between 1900 and 1922, Loray Mill is a nationally significant example of early twentieth-century industrial construction and one of the largest textile mills ever built in North Carolina. Originally developed for cotton cloth production, the mill was converted to tire fabric manufacturing following its acquisition by the Jenckes Spinning Company in 1919. Subsequent expansions in 1921 and 1922 reflected the mill’s growing role in regional industrial production and its contribution to Gastonia’s emergence as a textile hub known as “Spindle City.” 

Loray Mill is also historically notable as the site of the 1929 Loray Mill Strike, which involved more than 1,000 workers and brought national attention to labor conditions in the Southern textile industry. The strike was driven in part by the “stretch-out,” a management practice that increased worker workloads while reducing staffing levels. In the wake of the strike, Loray Mill closed and was later purchased by Firestone Tire and Rubber Company, which operated the facility until 1993. After decades of vacancy, the property began a phased historic rehabilitation in 2013, continuing to this day. 

From Vacant to Vibrant
Revitalization Efforts

From Vacant to Vibrant

The rehabilitation of Loray Mill Lofts Phase 2 completes the adaptive reuse of the historic Loray Mill by converting the long-vacant west block into 143 market-rate rental apartments and resident amenity spaces. The project builds on Phase 1 of the redevelopment, which delivered nearly 200 market-rate apartments along with commercial space and shared amenities that anchor the mill campus today. 

Phase 2 continues this momentum with one-, two-, and three-bedroom units designed to highlight the building’s historic industrial character through open floor plans, high ceilings, exposed brick, and original structural elements. New amenities include a clubroom, fitness room, and indoor garden, with residents also accessing Phase 1 amenities such as the pool, clubhouse, and outdoor gathering spaces. Together, the project represents a key component of the broader revitalization of the Loray Mill Village, restoring historic structures and returning the site to active residential use. 

Community & Economic Impact

Loray Mill Lofts Phase 2

The rehabilitation of Loray Mill Lofts Phase 2 advances the revitalization of one of Gastonia’s most historically significant industrial sites while expanding housing opportunities within an established mill village. By completing the adaptive reuse of the Loray Mill campus, the project returns a long-vacant portion of the property to active residential use, creating more affordable options in the Charlotte-area suburbs.

Residential Units Created

143

Historic Space Restored

164,000 SF

NTCIC & Progress

Financing

NTCIC provided an equity investment in the $8.3 million of federal Historic Tax Credits and the $16.5 million in North Carolina Mill Rehabilitation Tax Credits generated by the preservation of Loray Mill Lofts Phase 2. 

NTCIC served as the Federal Historic Tax Credit and North Carolina

Mill Rehabilitation Tax Credit investment sourcer, underwriter, and closer for the transaction. In addition, NTCIC will serve as asset manager throughout the compliance period, providing ongoing oversight to support successful credit delivery and long-term stewardship of the historic property.

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Federal Historic Tax Credits

$1.3 Million

New Markets Tax Credits

$7.5 Million

Total Project Cost

$13.4 Million

Project Partner

SHVF Developer

Impact

Education Access

History

Holloway Street Public School

The Holloway Street Public School was opened in 1928 consisting of a historic 48,000-square-foot building with a non-historic 5,250-square-foot gymnasium. It was originally constructed as a three-story elementary school and operated as such until the mid-1990’s, when the public school system closed the facility and sold it. Until 2015, the school and gymnasium remained vacant.

From Vacant to Vibrant
Revitalization Efforts

From Vacant to Vibrant

The substantial rehabilitation of the former Holloway Street School into the KIPP Durham Charter School (KIPP Durham) in 2016 created an academically rigorous college preparatory program. KIPP is a national network of 200 free, open-enrollment, college-preparatory public charter schools dedicated to preparing students in distressed communities. KIPP Durham is the fifth school in the KIPP Eastern North Carolina (ENC) network whose mission is to empower all students with the skills, knowledge, and character necessary to succeed in the colleges of their choice and strengthen their community.

The KIPP Durham School includes classrooms, an auditorium, a gymnasium, a multi-use courtyard, and school-related administrative offices. The renovation also features a new attached wing of approximately 6,900 square feet bringing the total project size to over 60,000 square feet. In addition to learning space, there are 60 on-site parking spaces for teachers and other employees at the school.

The project is located in a census tract that meets severely distressed criteria which qualified it for New Markets Tax Credits (NMTC), financed by NTCIC in addition to the federal Historic Tax Credit (HTC), brokered by NTCIC and financed by other financial partners. Due to the NMTC financing for KIPP Durham, the School has been able to receive below-market rent, one of the many essential aspects to allow the school to operate successfully.

Community Impact

Set Up for Success

KIPP Durham opened in August of 2016 with a founding class of 90 fifth and sixth graders and will ultimately serve 600 students in fifth through eighth grade. The establishment of KIPP Durham has saved neighborhood children from a 40-minute commute across town to an underperforming public school. The school provides transportation to all students and provides free breakfast and lunch as all of the children are eligible for free or reduced meals.

25 construction jobs were created; 65 full-time equivalent positions

have been created for teaching, administrative, office, and custodial staff along with school bus drivers and part-time specialists. Ten Durham City part-time positions have been contracted for maintenance, janitorial, and operational services. Opportunities for professional development and advancement are available for all teaching, office, and custodial staff. KIPP has dedicated its hiring efforts to identify members of their team who are passionate about teaching and committed to helping low-income students and families in the greater Durham community succeed in college and beyond.

Students Served

600

Construction Jobs Created

25

Permanent Jobs Created

65

Part Time Jobs Created

10

NTCIC & Progress

Economic Impact

The investment made into KIPP Durham has not only affected current students and their families but is extending to the community at a multigenerational level, broadening its reach within the Durham community. The School is located in an area with a poverty rate of 44% and an unemployment rate of 19%, 3 times greater than the national average. It is also the focus of the City of Durham’s Poverty Reduction Initiative, serving as a catalyst for further public, private, and philanthropic revitalization efforts. One of the strongest neighborhood stakeholders is East Durham Children’s Initiative, which works with community partner organizations to create a pipeline of high-quality services from birth through high school graduation for children and families living in the East Durham area. Teach for America plans to host training sessions at KIPP Durham to help recruit more quality teachers to the greater Durham area. The Durham Police Department has also expressed interest in partnering with the School.

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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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