Main Spotlight: Breaking Barriers to Acquiring Commercial Properties
Creating real change in business ownership starts with local communities leading the way, backed by strong partnerships and collaborations.
Main Street America’s place-based economic development framework centers a commercial corridor’s assets, including the local culture and historic buildings, as a pilar of the revitalization process. Maintaining, restoring, and reusing old and historic buildings can be an expensive and complicated undertaking. Diverse funding sources, partnerships, and tax credits are usually required to make these types of projects feasible. The Historic Tax Credit is the largest federal program specifically supporting historic preservation for commercial buildings, leveraging over $100 billion in private investment in the rehabilitation of historic properties.
Since 2000, the National Trust Community Investment Corporation (NTCIC) has provided over $2 billion in funding for historic preservation initiatives utilizing the Federal Historic Tax Credit, becoming one of the country’s largest tax credit syndicators and investors. NTCIC assists developers and individuals seeking tax credit financing for historic rehabilitation, and their varied and stable investor base provides ready access to capital for qualified projects.
Is your Main Street looking for historic preservation financing opportunities?
For Main Street-oriented historic preservation initiatives anticipating a renovation cost exceeding $5 Million, NTCIC:
- Provides guidance to developers and individuals seeking tax credits for historic rehabilitation
- Connects individuals to investors actively seeking historic projects to support and finance
- Evaluates the specifics of development projects and identifies additional sources of capital available
- Ensures the financial transaction is successful and provides projects with maximum benefits
If you are interested in the program and looking to submit project details and to discuss your next historic preservation initiative, contact NTCIC by completing the form available on the Historic Tax Credit webpage.
For projects expecting a total renovation cost of less than $5 Million, NTCIC can connect you to resources and experts in your area that can help secure and monetize historic tax credits.
For inspiration, we showcase below two NTCIC supported projects: a school building turned artist residence/studio in Atlanta, GA and a warehouse turned food incubator in Buffalo, NY. With a visionary investor/developer, a supportive community, and the right funding and technical expertise, a historic building can become a catalyst for economic development in your Main Street community and provide a sense of pride of place for residents.
The Academy Lofts in Adair Park - Fostering Creativity and Inclusion with Beautiful Live-Work Spaces
The former George Adair Elementary School in Atlanta, GA, vacant since 1973, was transformed into a live-work atmosphere where creative enthusiasts, artists, and entrepreneurs live, work, and support each other and their local communities. NTCIC financed over $3 million in combined tax credits to preserve the historic building and create affordable housing for local BIPOC artists and a nonprofit organization supporting art education. Their experienced team of professionals also provided guidance, financial underwriting, and below-market rates. Read more about the Academy Lofts in Adair Park >
27 Chandler Street - From Vacant Warehouse to Innovative Food Incubator
In Buffalo, NY, a long-vacant warehouse was transformed into a community-based food incubator thanks to financing from NTCIC. The space is now home to dozens of local food entrepreneurs, including an indoor mushroom farm, gourmet ice cream, and a meal prep company. 27 Chandler Street also serves as the home base for the city’s first taco food truck. The project has created many new employment opportunities and continued the revitalization efforts of this once industrial thoroughfare in central Buffalo. NTCIC helped monetize over $4 million in tax credits generated by the project at well below market rates, which in turn has enabled the tenants within the space to operate nearly tax-free for 10 years. Read more about 27 Chandler Street >
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