NTCIC announces the successful financial closing to provide capital for the adaptive reuse of the historic Hoen Lithograph buildings located in East Baltimore, MD. Vacant for over 30 years, the buildings will be transformed into a community-serving resource for workforce development, education and entrepreneurship.
This week’s financial closing marks the end of a multi-year predevelopment process and the beginning of one of the most significant economic investments in this section of Baltimore in decades. The complex financing package included a variety of state and local grants, over $4.44 million in Federal Historic Tax Credits and $24.25 million in New Markets Tax Credit allocation, $10 million of which was provided by NTCIC.
With its sources of funding successfully in place, the project will be able to continue the year-long renovation process to bring the former lithography printing facility back to life. When construction is complete in 2020, the Hoen buildings will become the Center for Neighborhood Innovation – a new model for community transformation. It will co-locate and grow workforce development programs, educational training, neighborhood revitalization advocates and nonprofits committed to strengthening the local neighborhood.