The National Trust Community Investment Corporation (NTCIC) announced its selection of Merrill Hoopengardner as the company’s second-ever president. With nearly two decades of experience in community development finance, Hoopengardner will guide the overall management and growth of NTCIC, a tax credit syndication firm that has raised nearly $1 billion in capital for 120 projects that have brought affordable housing, arts and cultural venues, retail businesses, office space, and solar energy production to older and historic communities across the country.
“Merrill’s extensive knowledge of the tax credit industry coupled with her strong commitment to community preservation and economic development make her an ideal fit for this position,” said Irvin Henderson, chair of NTCIC’s Board of Trustees. “Her skill set will ensure that NTCIC continues to succeed in maintaining both a strong financial position and in providing important resources to the sustainable growth and development of America’s historic communities.”
A for-profit subsidiary of the National Trust for Historic Preservation, NTCIC was founded in 2000 to facilitate investment in Historic Tax Credit projects–National Park Service-certified rehabilitations that adapt schools, theatres, factories and hotels to new uses while preserving their distinctive character and architectural integrity. Over time, NTCIC expanded its portfolio to include syndicating federal New Markets and Solar Tax Credits.
NTCIC pioneered combining New Markets Tax Credits with Historic Tax Credits, a practice that delivers essential capital to historic rehabilitation projects that bring jobs, economic development, tax revenue and needed goods and services to underserved communities. Its investment partners include major banks, insurance companies and manufacturers while its development partners range from large real estate development companies to nonprofit social service organizations taking on real estate projects for the first time.
“I’m excited to join such an innovative and diversified tax credit syndication firm that, under my predecessor’s leadership, has done so much to advance historic preservation, community development and energy sustainability across the country,” stated Hoopengardner. “I look forward to maintaining that excellence while bringing my own unique passion and perspective to NTCIC’s mission.”
Before joining NTCIC, Hoopengardner served as principal at Advantage Capital Partners, where she structured and closed transactions to bring more than $100 million in state and federal New Market Tax Credits annually to small businesses in low-income communities nationwide. Prior to working at Advantage, Hoopengardner served as a real estate finance attorney at Nixon Peabody LLP. Her interest in community development finance was piqued during a summer of service to a Mississippi Delta credit union that provides home-buyers with financial counseling and grants and loans for housing rehabilitation and while doing similar work for the Center for Community Self-Help in Durham, N.C. While pursuing her law degree at Duke Law School, she served as an advisor to nonprofit organizations and low-income entrepreneurs as part of the school’s Community Enterprise Clinic.
NTCIC’s founder and current President, John Leith-Tetrault, will retire after 15 years at the helm of NTCIC and a total of 21 years in service to the National Trust. Under his leadership, NTCIC emerged as a leader in structuring complex tax credit transactions. NTCIC was a major proponent of the revenue procedure issued by the IRS in response to the Historic Boardwalk Hall appeals court decision, and a leading advocate for strengthening and preserving the federal Historic Tax Credit program as part of tax reform. Leith-Tetrault will continue to provide policy advice to NTCIC and serve as chair of the Historic Tax Credit Coalition, an industry advocacy group that he also founded.
Henderson added, “While welcoming Merrill, we are deeply grateful to John for having the vision, drive and compassion to build an incredible company that is peerless in its core focus on championing historic preservation as a key driver of sustainable community revitalization.”
