PACNY is pleased to present the Preservation Merit Award in recognition of exceptional achievement in historic preservation to First Niagara Bank.
Founded in 1870, First Niagara Bank is one of Central New York’s larger banking institutions, with numerous branches, offices and ATMs located throughout Upstate New York, Pennsylvania, Connecticut, and Massachusetts. First Niagara has a very active commercial lending department, proving construction and permanent lending to a wide range of real estate projects, including some of our region’s most recognized historic rehabilitation projects. Federal and New York State rehabilitation tax credits have played a critical role in making these projects work.
First Niagara Bank is the only financial institution in Central New York who serves as a tax credit investor. The bank recently invested in both the Pike Block project on South Salina Street and the St. Patrick’s Lofts project in the Tipperary Hill neighborhood. They are also serving as the construction lender for the St. Patrick’s Lofts project.
Finding a tax credit investor is very challenging, made more difficult by the complicated way that the NYS tax credit program is structured. Many potential historic rehabilitation projects in our region remain stalled because of the inability to find a tax credit investor. First Niagara Bank’s decision to become the tax credit investor for these two important projects demonstrates both good business sense and laudable commitment to our community.
PACNY offers our appreciation and endorsement of First Niagara Bank’s contributions and investments toward restoring the historic legacy of our region.
