First National Rehab

New Markets Tax Credit Coalition

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

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