Washington, D.C., January 6, 2026—The National Trust Community Investment Corporation (NTCIC) is pleased to announce that Kimberly Laird has joined our leadership team as Director of Asset Management. Kimberly will lead the Asset Management department, overseeing the direct management of NTCIC’s Historic Tax Credit (HTC) and New Markets Tax Credit (NMTC) investments, as well as our growing private credit portfolio. Her responsibilities include financial oversight, risk management, and compliance to ensure the long-term success of our investments and the communities they serve.
A Proven Leader in Community Development Finance
With more than 25 years of experience in community development banking, Kimberly has managed over $1 billion in equity and debt transactions across HTC, NMTC, and Low-Income Housing Tax Credit (LIHTC) programs. Her career began at Wachovia Capital Markets Group, where she managed the Southeastern asset management team focused on LIHTC investments. She later advanced to Bank of America as a Senior Vice President, overseeing asset management for Historic, New Markets, and Renewable Energy tax credit investments. Most recently, Kimberly served as Credit Risk Manager in Community Investment Capital at Synovus Bank, a regional institution headquartered in Georgia.
“Kimberly’s experience and values align with NTCIC’s commitment to preservation, equity, and performance,” said David Clower, President & CEO of NTCIC. “She will help us scale our impact while safeguarding the integrity of every investment we steward.”
Commitment to Community and Impact
Kimberly earned her B.S. in Accounting from The University of Kentucky and remains deeply engaged in community advocacy through her work with The Redress Movement in Charlotte, NC, and the NC Housing Coalition. Outside of work, she enjoys yoga, cooking, and spending time with her two sons.
“Asset management is the backbone of NTCIC’s mission to deliver transformational capital investments in underserved communities,” said Bret Mosher, Managing Director of Credit & Portfolio Management. “Kimberly’s expertise strengthens our ability to safeguard investor confidence while driving measurable social and economic outcomes nationwide.”
Please join us in welcoming Kimberly to NTCIC!
Connect with Kimberly Laird on Linkedin
About NTCIC
The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.
WASHINGTON, DC, January 5, 2026: The National Trust Community Investment Corporation (NTCIC) is pleased to announce that we have been awarded $70 million in New Markets Tax Credit (NMTC) allocation authority by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund).
With this award, NTCIC will deploy our preservation-based community investment strategy to save and repurpose old, underutilized buildings across the country to spur economic growth and support vibrant communities. We will prioritize our NMTC allocation to projects that:
- Rehabilitate historic buildings in Deep Distress communities;
- Create economic stability by creating or retaining quality jobs that are accessible to low-income individuals; and
- Deliver a broad range of critical community services such as daycare, education, workforce training, healthcare, arts programming, and multi-service support to address the needs of underinvested communities and foster economic opportunity, stability, and revitalization.
Click below to submit your NMTC-eligible project for consideration.
We also want to congratulate our fellow awardees and look forward to working with partners across the country to support underinvested communities that need access to capital to bring new life to historic community assets.
NTCIC’s History of Impactful Investments
Since the inception of the NMTC program in 2000, NTCIC has deployed $729 million in NMTC allocation across 112 high-impact rehabilitations. These projects have created over 38,000 permanent and construction-related jobs, provided over 2,270 units of housing, and revitalized over 13.5 million square feet of historic buildings. On an annual basis, our investments in health care, education, business incubation, and community service facilities currently support over 198,000 low-income community residents.
To learn more about our New Markets Tax Credit investment process, click here.
About the New Markets Tax Credit
On December 23, the CDFI Fund awarded $10 billion in allocation authority for the calendar year 2024-2025 round of the New Markets Tax Credit Program (NMTC Program) to 142 Community Development Entities (CDEs). This is the largest allocation in the program’s history and will stimulate economic growth and empower private-sector investment in distressed communities.
This year’s $10 billion award will drive private investment into communities that lack access to capital, especially in rural America, and is expected to accelerate job creation in sectors such as manufacturing and small business. The NMTC Program will leverage billions more in private capital, multiplying the impact of federal investment, and will support critical infrastructure, business financing, and community facilities, including rural hospitals and health care facilities.
The NMTC Program advances economic development in economically distressed communities by making tax credit allocations available to CDEs for targeted investments in eligible areas. The Program was recently made a permanent part of the U.S. tax code through the One Big Beautiful Bill Act (OBBBA).
Over its history, the NMTC Program has facilitated $77 billion in qualified equity investment and $143 billion in total development financing across more than 8,900 urban, suburban, and rural low-income community businesses. These investments have created more than 1.2 million jobs nationwide.
Washington, D.C. — December 22, 2025—NT Solar, a subsidiary of the National Trust Community Investment Corporation (NTCIC), announces that Karin Berry, Managing Director, will retire at the end of the year. Paul Holshouser, currently Director of Solar Transactions, will step into the leadership role starting on January 1st, continuing NT Solar’s mission to deliver impactful renewable energy investments.
Celebrating Karin Berry’s Legacy
Karin Berry has been a major player in the renewable energy space for over 30 years, with experience spanning international energy policy, government service, and private sector investment. Before joining NT Solar, Karin advanced clean energy initiatives in the public sector, including her work at the U.S. Trade Representative’s office, where she focused on international energy policy and government service. She later held leadership roles at PNC Energy Capital and Guggenheim Capital Markets, helping drive the adoption of renewable technologies and innovative investment strategies across diverse markets.
During her tenure as the inaugural Managing Director of NT Solar, Karin Berry led origination, structuring, and closing of renewable energy tax credit investments, building deep relationships with investors and developers nationwide. Her leadership helped expand NT Solar’s reach and reputation, and she leaves a legacy of integrity, innovation, and community impact. Since joining NT Solar in 2015, she has overseen solar tax credit investments and managed a rapidly growing portfolio of renewable projects, responsible for over $1 billion in tax credit investments.
Reflecting on her transition, Karin Berry shared, “I will miss the NTCIC team and our all-in commitment to delivering community benefit. Of course, I’ll still be doing what I can to support this community in my retired life!”
Paul Holshouser Named Director of NT Solar
Paul Holshouser brings more than 15 years of experience in wind and solar energy, with a background in project finance, business development, and energy policy. Since joining NT Solar in 2024 as Director of Solar Transactions, he has managed closings and fundings for renewable energy tax credit investments, working closely with investor and developer partners. Prior to joining NT Solar, Paul led finance at Distributed Sun and served as a tax policy specialist at the American Wind Energy Association.
“I am honored and excited to carry forward NT Solar’s legacy—serving investors by delivering strong returns and lasting community benefits,” said Paul. “Karin built a platform at NT Solar that is poised for continued success and industry leadership. It is our dedication to superior customer service that will continue to satisfy investors and developers alike.
“Karin’s vision and dedication have shaped NT Solar into a trusted partner for investors and developers. We are grateful for her leadership and excited to welcome Paul as NT Solar’s new Director. His expertise and energy will guide NT Solar into its next chapter,” said David Clower, President & CEO of NTCIC.
About NT Solar
NT Solar, an affiliate and wholly owned subsidiary of NTCIC, is a leading national investment service provider, directing capital to solar and storage projects that power local communities. The team provides end-to-end support, from sourcing and diligence through closing and ongoing reporting, leveraging Renewable Energy credits to advance environmental progress and economic opportunity.
The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the historic Tower Life Building, formerly known as the Smith-Young Tower, in downtown San Antonio. The $125 million project will transform the iconic building into 242 apartment residences, along with retail spaces on the street and river levels, providing housing and neighborhood vibrancy to the heart of the city.
Designed by renowned architects Atlee Ayres and Robert Ayres, the Tower Life Building was one of the many key structures in San Antonio’s urban development. The father-son duo was instrumental in designing several prominent buildings, including the Municipal Auditorium, Plaza Hotel, and the Federal Reserve Bank.
The building first housed businesses, professionals, and San Antonio’s first Sears, Roebuck and Company department store. Its unique history also includes being a mooring mast for a blimp, a performance venue for aerialists, and even the headquarters for the Third U.S. Army.
The revitalization project, brought to life by McCombs Enterprises, J Jeffers and Co., and many others, will transform the Tower Life Building into a lively mixed-use space that blends the historic charm of the building with modern amenities in the 242 apartments, a portion of which will be offered with affordable rents for qualifying residents.
“We are committed to creating a place that inspires hometown pride and invites new energy into our downtown,” says Jon Wiegand, Managing Director of Real Estate at McCombs Enterprises. “We welcome a community that reflects the cultural diversity of San Antonio. A portion of the building’s apartments will be offered with affordable rents to provide homes for artists, teachers, restaurateurs, nurses, first responders, and others whose life stories make up the fabric of our city.”
The renovation plans include state-of-the-art amenities, such as an outdoor patio deck, community space, and a fitness center, designed specifically for residents. Additionally, an adjacent parking garage will serve both residents and commercial tenants. The building, which was once the tallest structure in San Antonio until 1968, remains the tallest 8-sided building in the U.S., continuing its legacy as a focal point in the city’s skyline.
This revitalization was supported, in part, by NTCIC through an equity investment in the $16.8 million Federal Historic Tax Credits and $21 million State Historic Tax Credits generated by the project. NTCIC played a crucial role in the capital stack and will continue to collaborate with the development team to ensure the project’s success.
“Our team was pleased to partner with J. Jeffers on yet another exciting and impactful redevelopment”, says Amanda Bloomberg of NTCIC. “The Tower Life Building is an iconic feature of the San Antonio skyline, and we’re thrilled to be a part of bringing new life to one of the Alamo City’s most historic buildings.”
The newly revitalized Tower Life Building will not only provide much-needed housing in the heart of the city but also offer retail space, further contributing to the growth, vibrancy, and development of San Antonio’s downtown and river district.
Learn more about NTCIC’s involvement in the project here.
WASHINGTON, DC, September 10, 2025: NT Solar is proud to announce the closing of a 1.36 MW community solar project in Eastport, Maine, in partnership with Prometheus Power Group. The project is expected to generate approximately 1.78 million kWh annually, providing clean and affordable energy to local residents and businesses. NT Solar arranged a tax equity investment in the $3.3 million in Solar Investment Tax Credits (ITC) generated by the development of the solar site. This marks NT Solar’s ninth collaboration with PeoplesBank, a long-time NT Solar partner, bringing their total investment to over $21 million.
“This investment with Prometheus Power Group reflects NT Solar’s commitment to expanding access to clean energy for people across the country,” said Karin Berry, Managing Director of NT Solar. “We’re especially proud to support a project bringing renewable energy at a discount to Maine’s rural residents.”
The Eastport project will serve a mix of residential and commercial subscribers through Maine’s Community Solar program, offering a 15% fixed discount on all allocated bill credits. The project also qualifies for the 10% Domestic Content adder under the Inflation Reduction Act, supporting U.S.-based manufacturing by utilizing domestically manufactured panels. The energy generated by this project will make a meaningful impact for Maine’s rural residents and small businesses.
The 1.36 MW installations will generate an estimated 1.77 million kilowatt-hours (kWh) annually, which:
- Creates enough electricity to fully power 135 homes each year
- Offsets CO2 emissions generated from burning nearly 860,000 pounds of coal annually
- Sequesters the same amount of carbon from the atmosphere as over 784 acres of forest
- Offsets the CO2 emissions generated from consuming 87,000 gallons of gasoline annually
“NT Solar’s financing expertise was instrumental in structuring this project,” said Rohit Garg, Managing Member of Prometheus Power Group. “Their support ensured we could deliver long-term value to the Eastport community while making clean energy more accessible to Maine residents.”
This partnership with Prometheus Power Group underscores NT Solar’s continued mission to expand access to clean and affordable renewable energy in rural Maine. NT Solar remains committed to supporting underserved areas by advancing equitable and impactful energy investments across the country.
About NT Solar
NT Solar, a division of the National Trust Community Investment Corporation (NTCIC), provides tax credit equity for renewable energy projects that deliver measurable community benefits. NT Solar specializes in community solar, energy storage, and projects that serve low-income households or are located in historically underserved areas. Visit www.nt.solar to learn more.
About Prometheus Power Group
Prometheus Power Group develops and operates community solar projects across the U.S., with a focus on the Northeast, Mid-Atlantic, Midwest, and Mountain West. The team has developed or is actively developing over 350 MW of solar capacity and operates through its venture, Nugenics Solar LLC Visit www.prometheuspowergroup.com to learn more.
The National Trust Community Investment Corporation (NTCIC) is proud to announce the successful financial closing of the $40.2 million revitalization of Benn High’s NMTC Condo in Bennington, Vermont. This transformative redevelopment will breathe new life into a historic 1913 former school building by creating a dynamic, community-centered hub with workforce housing, community recreation space, a senior center, and more. NTCIC provided a $5 million New Markets Tax Credit (NMTC) allocation and facilitated an equity 
investment in the $5.6 million in federal Historic Tax Credits (HTCs) generated by the project.
The historic Bennington High School, an iconic example of Beaux Arts public architecture, served students for nearly 100 years before closing its doors. Vacant since 2004, the building is now poised for a new future through an adaptive reuse project known as Benn High.
“NTCIC is incredibly proud to have played a role in the Benn High redevelopment,” said Amanda Bloomberg, Senior Acquisitions Manager at NTCIC. “It was truly a pleasure collaborating with Zak Hale and the various players whose dedication and vision brought this transformative project to life. With its diverse and creative financing sources, we believe Benn High will serve as a case study for future redevelopment efforts across the country.”
The NMTC Condo totals 72,000 sq ft, which will include 22 workforce housing units and nearly 48,000 sq ft of commercial and community space. Tenants include the Town of Bennington, leasing over 28,000 sq ft for a new community recreation and senior center, the YMCA, operating a 102-seat childcare center that will serve mostly low-income families, the University of Vermont Extension, offering agricultural, nutrition, and community development programs to over 1,000 residents annually, and more.
The project also incorporates geothermal and solar technologies, making it 100% electric. Significant Brownfield Remediation Funds (BRF) were secured from both Vermont and the federal government to address contamination from a pre-existing 19th-century machine workshop on site.
The community impact of Benn High is far-reaching. It is projected to create 24 new permanent full-time jobs and 92 high-quality construction jobs, retain 35 existing jobs, create access to new recreation programs for more than 4,300 individuals, provide childcare for 102 children, with 55% from low-income households, host senior programming for 150+ local seniors, expanded nutrition education through the UVM extension program, and more.
“The Benn High Redevelopment has been the most challenging and rewarding endeavor of my career,” said Zak Hale, CEO of Hale Resources LLC. “Bringing together more than 30 financing sources and aligning them with the realities of a century-old school building required persistence and creativity at every turn. We’re grateful to NTCIC and our many partners for their support in making this project possible. Most importantly, Benn High will once again be a place that brings people together, providing housing, childcare, recreation, and services that will strengthen Bennington for generations to come.”
Located in an area with high levels of community need, the Benn High redevelopment will not only generate additional housing options but will serve as a community hub providing critical resources to residents of all ages. NTCIC’s investment in Benn High continues its mission to revitalize historic spaces in underserved communities, delivering inclusive, resilient, and economically sustainable development.
WASHINGTON, DC, September 3, 2025 – The National Trust Community Investment Corporation (NTCIC) is proud to announce the launch of NT Impact Capital, a new impact asset investment management platform to bring mission-aligned, private credit capital solutions to fund inclusive economic growth, historic preservation, and renewable energy initiatives at scale.
“NT Impact Capital is a natural extension of NTCIC’s outstanding, 25-year
track record, which includes nearly $3 billion in tax credit equity investments and the $1.5 billion in assets we currently manage for institutional investors,” said David Clower, President & CEO of NTCIC and NT Impact Capital. “We’ll be raising a series of thematic private credit impact funds to advance our work in preservation and sustainability-focused community development finance through several private credit strategies designed to deliver social outcomes and attractive, risk-adjusted returns.”
To lead this effort, NTCIC welcomes Adrian Ruiz as Managing Director of the newly-formed subsidiary, who will oversee and execute its business strategy by originating, structuring, and managing high-impact investments.
Adrian has over 15 years of leadership experience in nonprofit and community development finance. Prior to joining NTCIC, he served as Chief Investment Officer at the Raza Development Fund, a national, investment grade-rated CDFI, with over $625 million in assets under management. His deep expertise and national reputation in impact finance will be instrumental in scaling NT Impact Capital’s platform.
“We’re thrilled to launch NT Impact Capital and to have Adrian join our senior leadership team,” said Clower. “I’ve known and worked with him for many years. Adrian’s experience and values align perfectly with NTCIC’s organization culture and core values, and I know he’s committed to delivering catalytic capital to communities that need it most.”
“I’ve spent my career raising, structuring, and managing capital to drive meaningful outcomes in underserved communities,” said Ruiz. “I’ve led initiatives that bridged financial performance with social impact, developed underwriting frameworks for mission-driven investments, and collaborated across sectors to bring complex deals to fruition. These are the skills that are needed to build and scale NT Impact Capital’s private credit business model.”
In July 2025, NT Impact Capital extended a $7 million historic tax credit (HTC) equity bridge loan to support the $85 million redevelopment of an eight-story flour mill in Ellicott City, Maryland. Additionally, NTCIC contributed $10 million in federal HTC funding and $3 million in state HTC funding to the project.
About NTCIC
The National Trust Community Investment Corporation (NTCIC), a subsidiary of the National Trust for Historic Preservation, is a mission-driven, impact investment asset management firm focused on the adaptive reuse of historic properties and renewable energy solutions across the country. Founded in 2000, NTCIC makes transformational impact investments in low-income & disinvested communities, promoting a brighter, more equitable future by revitalizing historic properties and expanding our nation’s renewable energy accessibility through innovative community development & tax credit investment strategies.
Meet Alba Castillo, NTCIC’s Summer 2025 Open Access Fellow.
At the conclusion of her fellowship this summer, we sat down with Alba to learn more about her background and future in community development. Read her interview below!
Can you talk a little bit about your background and what brought you into the community development world?
My background has not been a linear path by any means. Years ago, I was a mortgage underwriter, and then I worked for a real estate attorney. Then I found the CDFI industry, and that changed everything. I had always been interested in economic development and creating opportunities for people and communities, so when I found out about the community development finance industry, it just kind of clicked. I ended up working at the Housing Development Fund (HDF), an affordable housing CDFI in Connecticut, and eventually that led me to find the Opportunity Finance Network (OFN), which is what brought me to the DC area.
What are some of your professional strengths and interests?
My roles in community development have been focused on program management, cross-functional coordination, and bringing people and processes together. I really enjoy the challenge of taking a lot of moving parts or loose ends to create something cohesive. A professional strength is identifying where systems can work better and creating structure that helps things flow more smoothly.
As far as interests go, early this year I started taking a community development finance professional certification with Grow America. Pretty much immediately after the first course, I realized that I was drawn to the real estate finance portion of the work. I went on to take another course in the program that was solely focused on community development real estate finance, and really enjoyed learning how projects are structured, how the financing works, and how it all ties back to creating long-term benefits for communities. Actually, right as I was starting that second course is when I found out that I had been accepted to the Open Access program and would be working in the asset management team at NTCIC. Through the resources of the Open Access Fellowship, I’ve completed Novogradac trainings in HTC, NMTC, and LIHTC, including the NMTC 101 workshop at the Novogradac conference in DC. I’ve also completed coursework in financial modeling and NMTC underwriting. It all feels like an aligned next step that builds on my professional experience and allows me to go deeper into parts of community development work that really energize me.
What did you learn during your time at NTCIC?
In addition to the technical training the fellowship provided, I’ve been working closely with the Asset Management team on a couple of key projects focused on process mapping and how project data is tracked and organized. As I got further into my deliverables, I had the chance to explore how the team captures and uses data and how it connects to the rest of the organization – it’s something I’ve really enjoyed digging into.
One thing that stood out is how clearly this work connects with my long-term goals. I’m interested in the commercial real estate side of community development finance and my time at NTCIC has given me a deeper understanding of that work – both technically and operationally. It’s helped me feel more connected to the purpose behind it and more confident that I’m moving in the right direction. I also really appreciated working in a welcoming and supportive environment and seeing how deeply rooted NTCIC’s work is in community development. That alignment confirmed that this is the kind of organization I would love to keep growing with.
What are some of your goals and next steps now that you’ve finished the fellowship?
My goal is to find a full-time job where I can keep growing in the commercial real estate space – especially work that connects to creating jobs, fostering stability, and keeping wealth in communities. I’ve been very influenced by my time at NTCIC, and I’m particularly interested in tax credit finance and want to deepen my understanding of how these deals are structured and managed.
I’ve been intentional about this career pivot and I’m excited to continue learning, contribute meaningfully to a mission-aligned team, and deepen my expertise in this sector of the community development finance industry – an industry where I strongly believe I belong and where I want to help create long-term impact.
Who or what inspires you the most?
I think people who are unapologetically themselves. When someone is just fully themselves, whether that’s in the way they express themselves or hobbies they like to do in their spare time, and they know and embrace who they are – that’s really inspiring to me on a personal level.
And when I think of something that inspires me career-wise, it’s the CDFI industry. When I started in community development finance, it was on the more regional, “boots on the ground” side at HDF, then I moved on to the national stage with OFN, and I got to witness the work of CDFIs from across sectors and across the country. And now I’m learning more about the tax credits and the commercial real estate side, and all that experience just confirms that the industry we work in is amazing and impactful – and more people need to know about it!
Would you recommend the fellowship? And if so, who is the ideal candidate?
I definitely recommend the Open Access Fellowship. The founders and the board have been really thoughtful about what a professional needs to be successful in the community development real estate industry. The fellowship provides great networking and mentorship opportunities, plus targeted training – like the Novogradac trainings and financial modeling and underwriting coursework I mentioned earlier. Really, I think the fellowship has the ability to make a great impact on a professional’s life.
Since we are talking about the CDFI industry, I think the ideal candidate would be someone who is interested in building up communities – even if they don’t know a ton about the industry. I think the technical side of the job can be taught, but at their core, anyone who wants to participate should care about communities and about building them up. I think those are the kind of people who would thrive during and after the fellowship.
Alba — we’re so grateful for all of the contributions you made to our Asset Management team this summer! Best of luck in all your future endeavors!
July 2025 Policy Update
WASHINGTON, DC, July 16, 2025 – The House Republican Reconciliation Bill, “One Big Beautiful Bill”, was signed into law on July 4th. Community development advocates are celebrating that the New Markets Tax Credit is now permanent and not subject to expiration as has been the case for the last 25 years. This is a huge legislative victory and a celebration for the NMTC advocacy community. The permanency of this credit will allow for continued and uninterrupted investment in economically distressed communities for years to come.
However, the bill also rolls back clean energy credits for wind and solar energy, requiring these projects to begin construction within one year of bill passage, or be placed in service by the end of 2027, to receive the tax credit. Wind and Solar projects that begin construction by July 2026 will have four years to begin operations and receive the credit. NTCIC expects this policy to create a “pull-forward” effect, resulting in an especially active solar marketplace for the next few years. Notably, energy storage and other clean energy projects, including geothermal and hydro, still qualify for the full 48E credit through 2033.
Despite an outpouring of advocacy, no improvements for the Historic Tax Credit were included in the bill, but it is not overlooked that sustained advocacy has positively positioned the HTC to not be targeted for a rollback or elimination as it was in 2017.
There may be opportunities to improve these incentives in a bipartisan tax bill later this year or possibly another reconciliation bill. Our work is not done, and to remain in the tax code and to enact improvements, advocacy must continue and ramp up at the next opportunity for all these important incentives.
The National Trust Community Investment Corporation (NTCIC) is pleased to announce the successful financial closing for the $64.5 million renovation of the iconic Apollo Theater in Harlem, New York. A cornerstone of African American cultural history and a world-renowned performing arts venue, the Apollo will undergo an extensive interior and exterior restoration that honors its legacy while upgrading its facilities to better serve artists, audiences, and the surrounding community.
“On behalf of The Apollo Theater Foundation, Inc. Board of Directors and leadership, I express deep gratitude to Historic Theater lenders and capital campaign contributors for their generosity in support of The Apollo and the community of Harlem,” said Michelle Ebanks, President and Chief Executive Officer of The Apollo Theater Foundation, Inc. “The groundbreaking marks the beginning of a new chapter in The Apollo’s journey—a curtain drop in every sense of the word – taking us from a place of reverence to a place of relevance. As we prepare to renovate and reimagine this legacy space, we do so not to erase its history, but to elevate it. To honor the shoulders we stand on, while building a more modernized foundation for those who will come after us.”
Originally opened in 1914 as Hurtig & Seamon’s New Burlesque Theater and renamed the Apollo in 1934, the venue became a vital cultural hub amid Harlem’s evolution and a defining force in American music. The Apollo launched the careers of legendary artists such as Sarah Vaughan, James Brown, and the Jackson 5 through its famous Amateur Night, and played a central role in the rise of genres including R&B, bebop, and soul.
Even as the theater faced economic decline and closure in the 1970s, it was repeatedly revived through community and state partnerships. In recognition of its extraordinary
cultural significance, the Kennedy Center honored the Apollo in 2024 for its lifetime contribution to American arts.
“The Apollo Theater is more than a stage—it’s a cultural icon that has shaped American history. Through the Historic Tax Credit program, we are honored to help preserve this legacy for future generations,” said David Clower, President of the National Trust Community Investment Corporation. “Supporting the Apollo Theater restoration reflects NTCIC’s commitment to revitalizing spaces that hold deep cultural and community significance. This project is a powerful example of how public-private partnerships can protect our nation’s historic fabric.”
The restoration will preserve and enhance the historic theater’s architectural and performance integrity, including the conversion of the iconic Apollo neon blade sign to energy-efficient LED, and interior improvements that will modernize the theatrical, environmental, and acoustical systems, install new seating and accessibility upgrades, renovate dressing rooms, and expand the lobby.
With the renovation, the Apollo will be able to support over 150 performances annually, expanding access to world-class cultural programming. Over 1,300 students will visit annually for educational tours, and the theater’s Job Readiness Pathway to the Arts program will grow from 50 to 75 high school participants each year. The Apollo will also continue its Ticket Access Program, distributing 10,000 free tickets annually through more than 300 NYC organizations serving underrepresented communities, and maintain its Half Off Harlem initiative for local residents. In alignment with environmental stewardship goals, the project will also pursue LEED Silver certification.
NTCIC supported this transformative project through equity investments in the $14.8 million state and federal Historic Tax Credits generated by the renovation, as well as an $8 million New Markets Tax Credit allocation (NMTC).
Additional project financing was provided by J.P. Morgan through a combination of $25 million in bridge debt financing, a $4.9 million NMTC allocation, and acted as the NMTC investor for the project. Octagon Finance supported project financing through a $9 million Historic Tax Credit bridge loan, and the New York City Economic Development Corporation (NYCEDC) provided $23 in NMTC allocation.
Additional funding includes $20.7 million in grant commitments from organizations such as the NYC Department of Cultural Affairs, a $10 million grant from Empire State Development, and a $5 million grant from SiriusXM.
“The Apollo Theater is a beacon of cultural innovation and community enrichment,” said Olivia Pipitone, Executive Director at J.P. Morgan Community Development Banking. “At J.P. Morgan, we are immensely proud to support its historic renovation, ensuring it continues to inspire and launch legendary talent for generations to come.”
This project reaffirms the Apollo’s role as a cultural anchor in Harlem and a national symbol of artistic excellence and resilience, preserving its historic legacy while equipping it to thrive for generations to come.