First National Rehab

Olean,
NY
(2020)

First National Rehab

Addiction Treatment, Behavioral Health, Historic Rehabilitation, Retail, Retail and Commercial

The First National Project will renovate the historic former headquarters of the 1915 First National Bank and an adjoining and Siegel’s Shoes buildings located in rural NY.

Investment

NMTC Amount: $7,000,000
Total Project Cost: $12,044,833

IMPACT

70 FTE jobs
87 construction jobs
Rehabilitation of a vacant or under-utilized historic structure.
4,000 sq. ft. of real estate

CDEs

Dudley Ventures

Investor

Unknown

Project Description

The First National Project will renovate the historic former headquarters of the 1915 First National Bank and an adjoining and Siegel’s Shoes buildings located in rural NY. The project will lease space to two local organizations: the Council on Addiction Recovery Service (‘Cares”) and the Olean Gallery and provide an additional 4,000 sq. ft. of high visibility retail space. The project will also create 23 market rate housing units, 5 of which will be rent restricted, in downtown Olean, an area currently starved for quality urban housing.

MAP

Address: 107 North Union Street, Olean, NY 14760

Census Tract: 36009961800

News Stories

Governor Hochul Announces Completion of $12.5 Million First National Bank Project in Olean as Part of Downtown Revitalization Initiative

Other New York Projects

IAVI Bioscience Research Lab

Brooklyn,
NY
(2008)

Business Development, Incubator, Research, Science and Tech

CDE(s): Greystone CDE, United Fund Advisors

An AIDS vaccine research lab anchors a bioscience hub in the repurposed Brooklyn Army Terminal.

Massena ALDI

Massena,
NY
(2018)

Grocery and Fresh Food, Retail, Retail and Commercial, Rural

CDE(s): Empire State Development Corporation

Financing for the construction and renovation of five ALDI food stores in various regions of New York State; purchase equipment for a new stores; and pay related costs.

Sendero Verde

New York,
NY
(2019)

Affordable Housing, Mixed-use, Schools

CDE(s): Chase

The $18 million NMTC financing support from JPMorgan Chase is helping redevelop vacant city-owned land in East Harlem into a mixed-use development that will include 700 units of affordable housing

50 PENN

Brooklyn,
NY
(2022)

Affordable Housing, Grocery and Fresh Food

CDE(s): RBC Community Development

NMTC funding will provide funds for a new “FRESH” supermarket, plus operating expenses during lease-up and working capital during rent-abatement period. This project’s financing is part of a $10.5 million