This nationwide fund will target its equity investments toward the revitalization of small neighborhood properties. The official title is the Bank of America Historic Tax Credit Fund. The National Trust Community Investment Corp., a for-profit subsidiary of National Trust, will manage the fund.
Historic properties in urban, small town and rural areas, eligible for as little as $500,000 in federal and state historic tax credits, will be targeted for investment. Developers using the fund will have access to Bank of America's full line of loan and equity products.
Smaller restoration projects have traditionally been overlooked by historic tax credit funds, according to Richard Moe, National Trust's president. Moe believes the program will allow communities to convert smaller white elephant-type properties into usable and profitable premises.
Joe Brown, a Bank of America executive in Atlanta, will help direct the fund's activities. To qualify, projects must be within the bank's market area of the District of Columbia, New York City and 21 states. Eligible projects comprise historic properties that will be rehabilitated for community development purpose. Those assets include market-rate, mixed-income or affordable housing; mixed-use facilities; office; retail; nonprofit; and government facilities.
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