For decades, the rehabilitation and reuse of the former Provident Mutual Insurance Company Building was a priority for the City of Philadelphia. With its sprawling green campus and monumental Classical Revival-style building topped with a gold dome, the Provident Mutual Insurance Company Building has stood as one of West Philadelphia’s most recognizable landmarks since its construction in 1927.



In 2019, Philadelphia-based developer Iron Stone purchased the building, and the rehabilitation was recently completed using twinned historic tax credits (HTCs) and new markets tax credits (NMTCs). This month’s Novogradac Journal of Tax Credits Tool Box article examines how the project overcame financial hurdles by pairing incentives for this historic building.

Heritage has successfully listed the Pioneer Trust and Savings Bank in Chicago, Illinois in the National Register of Historic Places as part of the ongoing historic tax credit rehabilitation.



The bank was established in the early 20^th century to service the financial needs of the growing Humboldt Park neighborhood. At the time, Chicago’s population was increasing, and federal and state regulations prohibited large banks from opening branches, resulting in a proliferation of independent banks in the city’s various neighborhoods. The Classical Revival building was designed by architect Karl M. Vitzthum in 1925 to house the bank on the lower floors and leasable office space on the upper floors. Vitzthum’s design displays the distinctive characteristics of the style, including a monumental portico, classical elements, and symmetry.

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