Press Release

Treasury Department Allocates New Market Tax Credits Worth $127-Million to National Trust for Historic Preservation

WASHINGTON , DC ( March 14, 2003 ) -The National Trust for Historic Preservation will significantly expand its role in community revitalization with its entry into the New Market Tax Credit arena. A recipient of $127-million of the allocations announced today by Tony T. Brown, Director of Treasury's Community Development Financial Institutions (CDFI) Fund, the National Trust will add New Market Tax Credits to its growing portfolio of community investment tools. Among those are the Historic Preservation Tax Credit program in partnership with Banc of America, National Trust Loan Funds, the Preservation Development Initiative, and the National Trust's Main Street Center . These programs foster private sector rehabilitation of historic buildings and promote economic growth.

The allocation of New Markets Tax Credits will enable the National Trust to create several unique investment products that are expected to stimulate new economic activity in low-income communities, Main Street communities, and enterprise zones. Building on the Trust's expertise in the revitalization of historic main streets, the Trust's New Market Tax Credit program is expected to fuel economic development by providing loans to small businesses and other commercial facilities.

The credits announced today are the first allocations in a five-year program that will total $14-billion by 2007. They were determined through a highly competitive process administered by CDFI. The National Trust received one of the top six allocations in this first round. In praising the new program, Richard Moe, President of the National Trust, said: "The New Market Tax Credits will enhance our ability to become more deeply committed and involved in low income communities where so many of our historic resources are located. By investing in the Main Streets and historic neighborhoods that are at the heart of our cities, we can bring new vitality to those communities that historically have had poor access to capital."

Stanley Lowe, Vice President of Community Revitalization at the National Trust added:  "New Market Tax Credits may very well be the vehicle to improve community and economic development in ways we've never seen in America . The combination of Historic Preservation Tax Credits and these new credits should attract billions of private sector dollars into parts of our nation that have seen major disinvestments for years."

Moe added that the new investment program at the National Trust was the result of the leadership and vision of Mr. Lowe, John Leith-Tetrault, Director of Community Partners, Kennedy Smith, Director of the National Trust's Main Street Center , Main Street Assistant Director Douglas Loescher, and Andrew Potts, Associate General Counsel.

Contact Information:

Gary Kozel 202.298.1225

rgkozel@aol.com