The National Trust Community Investment Corporation was established in 2000 through an initiative of the National Trust for Historic Preservation’s Community Partners program (CP). Beginning with the federal government's 1994 decision to eliminate the National Trust’s federal budget support, Community Partners was forced to finance its own operating costs. As part of a broader fundraising strategy, CP decided to form a wholly-owned for-profit subsidiary of the National Trust dedicated to a diverse mission to use tax credits to rehabilitate historic structures, provide financial support to the National Trust, and pursue public policy initiatives to strengthen the federal historic tax credit. NTCIC combines the unrivaled historic preservation expertise of its parent, the National Trust for Historic Preservation, with the financial strength of its many tax credit investor partners. From its start as the exclusive historic tax credit partner of Bank of America, NTCIC has expanded its investor base to include US Bank, Chevron Texaco, and many others.
John Leith-Tetrault, who joined the Trust in 1994, has served as president of NTCIC since inception. He has overseen the placement of more than $318 million in equity and debt in 66 projects located in 22 states with total development costs of more than $1.3 billion. Investments are restricted to real estate projects that qualify for federal and state historic and New Markets Tax Credits. Working with a wide variety of property owners, including for-profit developers, nonprofit organizations, and local governments, NTCIC’s focus remains on projects that have a high economic impact on the surrounding community. As a for-profit organization, NTCIC annually conveys dividends to the National Trust, which to date have totaled about $7 million.
With 17 full-time staff positions, NTCIC has remained relatively small. Thirteen staff are based in Washington, D.C., and four are located in regional offices. The NTCIC board features seven current or former National Trust trustees and seven outside members. The company has established itself as a leading voice for federal legislative amendments aimed toward strengthening the historic tax credit. It has worked with the Historic Tax Credit Coalition and Rutgers University to publish the recently released study, The First Annual Report on the Economic Impact of the Federal Historic Tax Credit. The report illustrates the historic tax credit’s ability to create jobs and stimulate the economy and can be further explored at www.ntcicfunds.com.
With 66 projects and counting, it is a challenge to choose one that thoroughly represents the variety of property types and locations that make up NTCIC’s investment portfolio, but the Carpenter Center in Richmond, Va., typifies many of NTCIC’s investment choices. With the financial help of NTCIC, the historic Carpenter Theater (c. 1928) reopened in 2009 as the Carpenter Center for the Performing Arts, providing a home for the Richmond Symphony, Richmond Ballet, and the Virginia Opera. The project also provides performance, educational, and gallery spaces at affordable rates to Richmond’s emerging arts groups in the adjacent Dorothy Pauley Center. NTCIC partnered with its investor, US Bank, to provide $12.1 million in federal and state historic and New Markets Tax Credit equity to the help defray the project's total development cost of $85 million.
Despite the recent economic turmoil, NTCIC continues to cultivate and maintain a steady pipeline of investments. After ten successful years of adding value to the field of historic preservation, NTCIC is looking forward to discovering new opportunities to help it achieve its mission. To find out more about NTCIC’s diverse and exciting business, please visit and explore www.ntcicfunds.com.#ForumBulletin #NTCIC