Up to $2 million in tax credit financing is now available for historic rehabilitation in low-income Main Street communities in the U.S.

Since 2000, the National Trust Community Investment Corporation (NTCIC) has raised over $1.5 billion in equity for Historic Tax Credit (HTC)-only and multi-credit projects establishing a national footprint and incorporating a wide range of investments sizes.

Their HTC and New Market Tax Credits (NMTC) portfolio covers multiple asset classes including multifamily, mixed-use, community facility, hospitality, office, and industrial projects. Their varied and stable investor base provides ready access to capital for qualified projects and our regulatory and policy acumen complements the breadth of transaction experience.

The Irvin Henderson Main Street Revitalization Fund provides up to $2 million in tax credit financing to support transformational historic rehabilitation projects in low-income Main Street communities.

To be eligible projects must possess all of the following six qualifications:

1. Location – Located in a Low-Income Community (in the U.S.) that has:

  • Poverty rates greater than 30%; or
  • Median incomes less than 60%; or
  • Unemployment greater than or equal to 12.45% (Data and rates are based on 2011-2015 ACS data)

2. Size

  • Qualified rehabilitation expenditures should be between $4 million – $8 million; and
  • All other sources of financing have been confirmed.

3. Readiness

  • National Park Service (NPS) Part I is complete;
  • Part II should already be submitted to NPS, if not already complete;
  • All local approvals have been received and building permits have been issued; and
  • Prepared architectural drawings and general contractor has been identified.

4. Impact – Community impacts must include:

  • Housing locally-owned and small community businesses;
  • Creating quality jobs accessible to low-skilled workers; and
  • Support from the local community.

If there are residential units:

  • At least 20% must be set aside at below-market rents; and
  • Leased to households earning 80% AMI or less.

5. Tax Credits

  • HTCs are enhanced with New Market Tax Credits (NMTC);
  • Leverage structure employed to help minimize legal fees and transaction costs.

Photo via Adobe Stock.


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