NTCIC Finances Tobacco Warehouse Conversion to Homeless Recovery Center

The National Trust Community Investment Corporation (NTCIC) announced the successful financial closing for the rehabilitation of the vacant Philip Morris Blended Leaf Complex in downtown Richmond, VA into a new headquarters for Congregations Around Richmond To Assure Shelter (CARITAS). Once complete, the former tobacco processing warehouse will become a center of support and recovery for those experiencing homelessness and battling addiction or substance use disorders.

NTCIC provided $12 million in New Markets Tax Credit (NMTC) allocation with SunTrust as the NMTC Investor. NTCIC HTC Community Fund II, LLC is also investing $4.1 million in the Federal Historic Tax Credits (HTC) being generated by the rehabilitation. Learn more about the project here.