Introduction to NTCIC
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Introduction to NTCIC [add your own title]. NTCIC: A brief history. NTCIC is the successor to the National Trust’s Heritage Property Services (HPS) program which structured deals for first-time HTC developers and connected them with investment sources.

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Introduction to ntcic add your own title

Introduction to NTCIC

[add your own title]


Ntcic a brief history

NTCIC: A brief history

  • NTCIC is the successor to the National Trust’s Heritage Property Services (HPS) program which structured deals for first-time HTC developers and connected them with investment sources.

  • Organized as a for profit, wholly-owned subsidiary of the National Trust for Historic Preservation in August 2000.

  • NTCIC’s primary objectives: making equity investments in real estate projects that qualify for federal and state historic and New Markets Tax Credits and provide financial support through profit sharing with the National Trust.

First HPS Project – West Village, Durham, NC. (Before)

West Village (After)


Introduction to ntcic add your own title

NTCIC: A brief history

  • Partnership with Bank of America led to organization of the Banc of America Historic Tax Credit Fund in 2000.

  • NTCIC financed its first project, Dalton

  • Building, in May 2001.

  • NTCIC received its first New Markets

  • Tax Credit allocation in October 2003.

  • $423.5 million in gross equity/debt invested to date.

  • $1.7 billion in total development costs to date.

Dalton Building Rock Hill, SC

First NTCIC Investment of $1million


Introduction to ntcic add your own title

NTCIC Project Locations


Introduction to ntcic add your own title

The Tax Credit BusinessThe basic LLC legal structure

Managing Member (.01%)

(Developer)

Transferable

Tax Credits

$ Cash

NTCIC Investment

Fund

.01% NTCIC

99.99% Investor

Investor Member (99.99%)

(NTCIC Investment Fund)

credits

equity

NTCIC

fee


Total of htc transactions by deal size in 2010

Total # of HTC Transactions by Deal Size in 2010

593 Total Transactions – data based on NPS quarterly reports


Htc dollar value by deal size in 2010

HTC Dollar Value by Deal Size in 2010

*Data based on NPS quarterly reports


Introduction to ntcic add your own title

History of NTCIC financial support to National Trust

*Changed to calendar year (CY) in 2010


Introduction to ntcic add your own title

Snapshot of New Markets Tax Credits Activity


Introduction to ntcic add your own title

Total Investments by use


Introduction to ntcic add your own title

Total NTCIC Investments by Investment Type


Introduction to ntcic add your own title

Economic Impact Since Inception

Economic impact of NTCIC’s investments

Total direct and indirect/induced jobs: 26,347

  • Construction: 11,960

  • Non-Construction: 14,387

    Total tax impacts: $112.8MM

  • State taxes: $57.8MM

  • Local taxes: $55MM

    Total household and business income generated: $1B

    Total gross state product: $1.23B

    NTCIC uses the Preservation Economic Impact Model (“PEIM”), created by Rutgers University, to forecast direct and indirect/induced job creation, state and local taxes, and income generated from the rehabilitation of historic buildings.

NSO Bell Building, Detroit MI


Introduction to ntcic add your own title

Total Effects of Direct and Indirect/Induced Jobs by Industry

(projected as of Q2 FY11)


Introduction to ntcic add your own title

NTCIC staff organization

President

Executive Assistant

COO

Marketing & Communications Director

Managing Director, Acquisitions

Office Manager

Asset Management

Finance & Controller

Senior Acquisitions Manager

Senior Acquisitions Manager

Project

Coordinator

Senior Acquisitions Manager

Acquisition Project Manager

Senior Asset Manager & NMTC Compliance Manager

Senior Asset Manager

Assistant Controller

Fund

Accountant

Staff

Accountant

Acquisition Project Manager

Asset Manager

Asset Manager

Asset Manager


Introduction to ntcic add your own title

Senior Acquisition Manager Territories


Introduction to ntcic add your own title

Single-Entity Structure for Historic Tax Credit Investment


Introduction to ntcic add your own title

Master Tenant Structure for Historic and New Markets Tax Credit Investment


Introduction to ntcic add your own title

Leverage Structure for Historic and New Markets Tax Credit Investment


Introduction to ntcic add your own title

Asset Management Tasks and Services

  • Manage construction reports and/or draw requests monthly.

  • Manage, review operations and cash flow on quarterly basis.

  • Gather and collect benchmarks required for

  • funding of investor capital.

  • Monitor Historic Tax Credit and New

  • Markets Tax Credit compliance.

  • Perform site visits during construction

  • and stabilization.

NSO Bell Building, Detroit MI


Introduction to ntcic add your own title

Asset Management Tasks and Services

  • Review, comment and collect lower tier audits and tax returns.

  • Prepare required fund audits and tax returns.

  • Review and collect guarantor financials.

  • Collect and distribute priority returns to investors.

  • Provide investor reporting and compliance certifications, as needed.

Fox Oakland, Oakland CA


National trust insurance services llc

National Trust Insurance Services, LLC

  • Established in 2004 as a National Trust subsidiary to provide and promote insurance solutions for historic buildings of all types and related organizations.

  • Managed by Maury Donnelly and Parr, exclusive licensed insurance agency.

  • Offers a full range of property and casualty insurance for commercial and residential customers.

  • Work with and through all National Trust networks (Members, Donors, State & Local Partners, Main Street, Historic Sites, Museums, Hotels, Theaters, Churches, Tax Credit Projects, etc.) to educate and to grow the business.

  • Revenue is generated in the form of commissions.

  • Great blend of mission and market.

Insurance for Newport Mansions became part of NTIS in April, 2011


Premiums by category

Premiums by Category


Introduction to ntcic add your own title

Heritage Travel

  • In 2011, NTCIC acquired the National Trust’s travel subsidiary, HT, LLC. The company operates a website at www.gozaic.com which provides information on heritage travel destinations and tours offered by the National Trust and other tour operators.


Introduction to ntcic add your own title

NTCIC Public Policy Priorities

  • Win Passage of CAPP Act.

  • Protect federal HTC from changes due to deficit reduction and tax reform.

  • Promote growth of HTC.

  • Strengthen federal HTC program within NPS.

  • Strengthen state HTC programs.


Introduction to ntcic add your own title

Harmony MillsCohoes, NY

Property Use: Residential (96 units)

Credits used: HTC

Net Investment: $2,696,588

Total Development Cost: $18,328,024


Introduction to ntcic add your own title

Carpenter TheaterRichmond, VA

Property Use: Theatre

Credits used: HTC & NMTC

Net Investment: $5,365,269

Total Development Cost: $50,144,804


Introduction to ntcic add your own title

American Brewery Baltimore. MD

Property Use: Office headquarters for non-profit group Humanim

Credits used: HTC & NMTC

Net Investment: $5,337,101

Total Development Cost: $23,989,027


Introduction to ntcic add your own title

Town Hall Theater

Middlebury, VT

Property Use: Theater and community center

Credits used: Federal Historic

Net Investment: $585,651

Total Development Cost: $5,912,300


Introduction to ntcic add your own title

Fox Oakland Theater

Oakland, CA

Property Use: Performing arts charter high school

Credits used: Federal Historic and New Markets Tax Credits

Net Investment: $15,687,989

Total Development Cost: $88,232,316


Introduction to ntcic add your own title

Atlas Life BuildingTulsa, OK

Property Use: Hotel

Credits used: Federal and State Historic

Net Investment: $5,891,495

Total Development Cost: $25,577,689


Introduction to ntcic add your own title

Woolworth BuildingSt. Louis, MO

Property Use: Mixed use office, gallery and restaurant

Credits used: Federal and State Historic and New Markets Tax Credits

Net Investment: $6,178,250

Total Development Cost: $14,642,433


Introduction to ntcic add your own title

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