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National Trust Community Investment Corporation
Washington DCNational Trust Community Investment Corporation (NTCIC) received an allocation of NMTCs for use in the recovery and redevelopment of the Hurricane Katrina Gulf Opportunity Zone. NTCIC will combine the NMTC with the federal rehabilitation tax credit (RTC) to rehabilitate highly visible and strategic (but vacant) landmark properties. These twinned equity investments provide approximately 30-40% more equity to each project than would otherwise be possible, thus helping to finance the most difficult projects in the most highly distressed communities. NTCIC will also require its developers to execute a Community Benefit Agreement, which commits the project to the delivery of measurable direct benefits to low-income households.
CDFI Awards for National Trust Community Investment Corporation
NMTC (2009) - $35,000,000
National Trust Community Investment Corporation (NTCIC) will use its NMTC allocation to provide equity and equity equivalent loans to real estate businesses that rehabilitate strategic vacant properties in designated economic development districts, bringing community facilities, jobs and goods and services to the residents of those communities. NTCIC will twin the New Markets tax credit with historic rehabilitation credits. These twinned credit investment products will provide 35 to 40 percent more equity to each project than would otherwise be possible using only one credit, thus helping developers commit to property reuses that more directly benefit low-income persons – including set-asides for affordable housing, non-profit office space and critical retail services.
NMTC (2008) - $40,000
National Trust Community Investment Corporation (NTCIC) will use its NMTC allocation to provide equity and equity equivalent loans to real estate QALICBs that rehabilitate strategic vacant properties in designated economic development districts that bring community facilities, jobs and goods and services to the surrounding low-income community (LIC). NTCIC will combine the subsidy value of the 20 percent federal rehabilitation tax credit with the New Markets Tax Credit by investing in landmark properties located in additionally distressed LICs.
NMTC (2007) - $60,000,000
National Trust Community Investment Corporation (NTCIC) received an allocation of NMTCs for use in the recovery and redevelopment of the Hurricane Katrina Gulf Opportunity Zone. NTCIC will combine the NMTC with the federal rehabilitation tax credit (RTC) to rehabilitate highly visible and strategic (but vacant) landmark properties. These twinned equity investments provide approximately 30-40% more equity to each project than would otherwise be possible, thus helping to finance the most difficult projects in the most highly distressed communities. NTCIC will also require its developers to execute a Community Benefit Agreement, which commits the project to the delivery of measurable direct benefits to low-income households.
NMTC (2006) - $53,000,000
National Trust Community Investment Corporation (NTCIC) will use 100% of its NMTC allocation to provide equity and equity-like loans to rehabilitate strategic vacant properties for reuse as office, retail, mixed-use, community and cultural facilities space in local economic development districts. NTCIC will combine the subsidy value of the federal rehabilitation tax credits (RTCs) with the NMTC by investing in older and designated landmark properties. The NMTC allocation will enable NTCIC to provide 30-50% more capital to real estate projects in economic development areas than it offers through the rehabilitation tax credits alone. NTCIC will make special efforts to reach out to older and landmarked communities designated by FEMA as disaster areas due to Hurricane Katrina with focused attention on the City of New Orleans.
NMTC (2002) - $127,000,000
The organization anticipates using its NMTC allocation to: 1) make loans to community-based organizations for the purpose of establishing or enhancing business, commercial and mixed-use real estate projects; 2) finance commercial real estate projects that are also eligible for historic federal and state tax credits; 3) establish an intermediary fund that would allow historic tax credit investors/syndicators to receive NMTC enhancements for their direct investments in these projects; 4) establish a loan fund which will allow financial institutions doing business in the organization"s 568 Main Street Communities in 33 states to enhance their small business and real estate loans; and 5) make direct investments in local preservation organizations, state and local Main Street Programs and other nonprofits to establish or enhance their own loan funds. NTCIC believes that its NMTC allocation will enable it to enhance current lending and investment activity, expand the number and types o
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