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.