Historic buildings can become a powerful part of a community’s future.

In this episode of ChangeMakers with Katie Goar, Katie sits down with Marie Cervay Hickle, Vice President at PNC, to explain how historic tax credits and new markets tax credits help bring aging buildings back to life.

Marie has more than 15 years of experience in community development finance. She has helped originate and close more than $450 million in tax credit equity across the country.

The conversation explores how developers can turn vacant mills, overlooked landmarks, former schools, and other underused properties into housing and community spaces. Marie breaks down how historic tax credits work, why experienced financing partners matter, and how new markets tax credits can support projects that bring healthcare, education, jobs, and social services into low-income communities.

Katie and Marie also discuss the renovation of Cleveland’s West Side Market and a 125-year-old South Carolina denim mill that became a 205-unit apartment community with lofts, a fitness center, coworking space, and modern amenities.

You’ll learn:
• How historic tax credits help fill gaps in a development capital stack
• Which buildings can qualify for historic tax credits
• How new markets tax credits support community development
• Why adaptive reuse can strengthen neighborhoods
• How banks evaluate community development projects
• Why redevelopment can create challenges around gentrification
• How developers can begin the tax credit process

Learn more about Katie Goar and Quadel at quadel.com.

Chapters

00:00 How historic buildings can shape the future of communities
01:14 Meet Marie Cervay Hickle of PNC
01:44 Marie’s path from engineering to community development finance
03:52 The Cleveland hotel renovation that shaped Marie’s career
05:00 Why new markets tax credits matter for low-income communities
06:31 Historic tax credits explained
09:53 Do historic tax credits make renovations more attractive?
12:40 Restoring Cleveland’s West Side Market
15:31 How developers can begin the historic tax credit process
19:54 New markets tax credits explained
22:30 Which projects can qualify for new markets tax credits?
24:29 How PNC evaluates community development investments
27:05 Can redevelopment transform an entire neighborhood?
28:38 The difficult balance between revitalization and gentrification
30:55 PNC’s priority markets for community investment
32:15 How a 125-year-old denim mill became 205 apartments
34:15 Final thoughts