Historic and New Markets Tax Credits transform vacant building into New Orleans Culinary and Hospitality Institute

January 4, 2018


The transformation of a failed arts center in New Orleans’ Warehouse District into a world-class culinary institute has finally moved forward after closing on the financing needed to redevelop the historic 93,000-square-foot, five-story building.

The New Orleans Culinary and Hospitality Institute, or NOCHI, is now undergoing construction, The Times-Picayune reported on Jan. 3. Enhanced Capital provided critical financing for the project through the federal New Markets Tax Credits and Louisiana Historic Tax Credits programs.


Mississippi development using historic and New Markets tax credits celebrated for ‘restoring life to Delta town’

September 22, 2017


A major goal of many economic development projects is to spur a cascade of additional positive growth in the community, and a project supported by Enhanced Capital is doing just that.

The Clarion-Ledger this week reported that the redevelopment of a 1940s-built Sears, Roebuck & Company store along with three adjacent buildings in Greenville, Mississippi, has revived a previously distressed area while offering additional benefits for the local community as well.

“The city of Greenville has been through a lot over the years,” according to The Clarion-Ledger. “Through it all, Greenville’s allegiants held out hope their beloved municipality would once again emerge as The Queen City of the Mississippi Delta.”


Pennsylvania governor visits the Divine Lorraine Hotel, a historic tax credit project nearing completion in Philadelphia

September 20, 2017


The revitalization of Philadelphia’s Divine Lorraine Hotel, a historic landmark and longstanding source of civic pride, is nearly complete, and Pennsylvania Gov. Tom Wolf recently saw the progress for himself when he toured the project, a mixed-use development offering housing, shopping and dining within the iconic 10-story building on North Broad Street.

Federal historic tax credits financed through Enhanced Capital have been an important component of making this impactful project possible. The $44 million project hit another major milestone on Sept. 14 with the grand opening of the renovated Divine Lorraine Hotel lobby, featuring intricate molding, columns, a custom built grand staircase and marble flooring. The apartments on the floors above the grand hall echo its cathedral ceiling design and incorporate other historical elements as well. The first residents moved into the building over the past year, according to an article in the Philadelphia Business Journal.


Historic tax credits help to transform Ohio awning factory, reshape and revitalize neighborhood

September 12, 2017

Wagner Awning Building

The landmark Wagner Awning factory in Cleveland, Ohio, has been transformed into a mixed-use development with a new life providing affordable housing and office space for local businesses thanks to historic tax credit financing provided in part through Enhanced Capital.

Properties magazine recently published a story about the project, which involved the conversion of a historical awning factory – later known as Ohio Awning – into 59 apartments along with office space. It was completed in 11 months by building developer Sustainable Community Associates, which plans to build another 50 apartments in the area in the next year. The awning manufacturer, meanwhile, continues to operate, having moved to a different neighborhood.


Independent report finds New Markets Tax Credit program exceeds goals, spurs economic growth in distressed communities

August 11, 2017

Human Hand Touching Checklist on Touch Screen

A new independent report commissioned by the U.S. Department of the Treasury’s Community Development Financial Institutions Fund (CDFI Fund) found that the New Markets Tax Credit (NMTC) Program is meeting and exceeding program and compliance requirements and continuing to attract job-creating investments in economically distressed communities.

Fund Director Annie Donovan hailed the NMTC program for its continued success in a public statement on the CDFI Fund’s website.