NTCIC President, Merrill Hoopengardner, was a featured speaker at the Main Street Now Conference, hosted in Pittsburgh, PA May 1-3. Ms. Hoopengardner’s session, New Markets Tax Credit Financing in Main Street Communities, introduced its audience to the New Markets Tax Credit (NMTC), provided an overview of what NTCIC and the CDFI Fund require for NMTC project investments and explored a unique case study that benefitted from NTCIC’s Historic and New Markets Tax Credit-enabled Main Street Small Deal Fund (SDF), a low-cost tax credit financing option for historic properties in low-income Main Street communities.
The HTC and NMTC programs are two powerful ways to make real change in low-income communities, including underinvested Main Street communities. The highlighted case study, the Owosso Armory, was the first project financed by NTCIC’s SDF. The Armory will serve as a hub to encourage small business development and entrepreneurship, as well as provide downtown office space for seasoned organizations. The Regional Chamber of Commerce, and primary project tenant, plans to expand its satellite location to the Armory, which has already supported 70 people and helped start-up businesses secure over $700,000 in capital. The chamber will also host numerous networking and professional development events to support young professionals and members of the business community.
For more information, visit https://live-national-trust-community-investment-corporation.pantheonsite.io/resources/main-street-small-deal-fund/ to download NTCIC’s SDF overview. You can also see a video of the vision for the Armory.
To apply for financing from NTCIC’s SDF, contact Kandi Jackson at kjackson@ntcic.com with a brief description of your project including proposed rehabilitated uses.