NTCIC marks 10 years of profitable preservation
By Lauren Walser | From Preservation | November/December 2010
What do the American Brewery in Baltimore, the Mayo Building in Tulsa, and the Carpenter Theatre in Richmond, Va., all have in common? They were restored with the help of the National Trust Community Investment Corporation (NTCIC), now celebrating 10 years of supporting the preservation of landmark buildings around the country.
Founded in 2000 as a for-profit subsidiary of the Trust, NTCIC has made equity investments exceeding $380 million in restoration projects that qualify for historic rehabilitation tax credits. Using federal, state, and New Market credits (the last encouraging investment in low-income communities), NTCIC has worked with local governments, developers, and nonprofit organizations in cities from coast to coast.
"When you walk around those downtowns, you can really see a difference," says John Leith-Tetrault, NTCIC's president. "There's no question that we've had a real impact on the liveliness and vitality of those cities, and our work is generating additional historic preservation efforts in the surrounding areas."
NTCIC has distributed nearly $6.8 million in dividends to the National Trust. The organization is also a founding member of the Historic Tax Credit Coalition, a group that advocates improving and expanding the federal program. The coalition is gaining traction with Congress, Leith-Tetrault says. Looking ahead, he envisions NTCIC's making better use of existing tax credits for renewable energy and low-income housing.
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