The Mutual Building project was a full renovation and conversion of a long-vacant office building into fifteen affordable market rate apartments and seven street level commercial spaces. Developers Ashley Commercial and the Salyers Group fully gutted the building interior and restored the exterior of this landmark building. Located in the center of Covington’s historic business district, the project was a key development catalyst and demonstrated demand for market rate residential units and tenant-ready commercial space in that location. The Catalytic Fund assembled a seven-source capital stack to execute the project and provided a subordinate loan to bridge the receipt of Historic Tax Credit equity. The Catalytic Fund also procured a grant through Duke Energy’s Urban Revitalization Program to support pre-development work for the project.