The National Trust Small Deal Fund is a partnership between Tax Credit Capital and a subsidiary of the National Trust for Historic Preservation designed to create demand for the smaller projects (those that generate less than $2 million in federal historic tax credits) sometimes overlooked by developers. All types of properties, including hotels, offices, restaurants, entertainment venues, cultural and nonprofit facilities, stores, and mixed-use projects are eligible.

The 20% federal rehabilitation tax credit is usually out of reach for owners of small historic buildings. That credit is a dollar-for-dollar reduction in the amount of taxes owed, and many small property owners do not have enough tax liability to redeem the credit.

The Small Deal Fund standard deal uses standard documentation so the closing costs are nominal and the application process is efficient. It uses a delayed equity pay-in model where the first major equity payment is deferred until final (Part III) project approval is granted by the National Park Service.

SDF operates in all 50 states and is also able to purchase state historic credits in Virginia, Maryland, Rhode Island, Michigan, and Louisiana.

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