(Syracuse, NY – May 23, 2013) First Niagara Financial Group, Inc. (NASDAQ:FNFG) was recognized by the Preservation Association of Central New York (PACNY) for its contributions and investments toward restoring the historic legacy of the Central New York region. The multi-state regional bank received PACNY’s Preservation Merit Award for its exceptional achievement in historic preservation.
“First Niagara is truly honored to receive this award from PACNY,” said Craig Burton, First Vice President, Commercial Real Estate at First Niagara. “An important part of our commitment to community is providing debt and/or tax credit equity capital for renovation of historic buildings into revitalized apartments and commercial space. Preservation of these architecturally significant projects that simultaneously results in neighborhood revitalization is very important to us.”
According to PACNY, First Niagara is the only financial institution in the region that serves as a rehabilitation tax credit investor. Recently, the bank invested in both the Pike Block project on South Salina Street and the St. Patrick’s Lofts project in the Tipperary Hill neighborhood, where it is also serving as a construction lender for the project.
“First Niagara is truly investing in the Central New York region, through both its lending and its philanthropic endeavors,” said PACNY President Murray F. Gould, “Making the decisions to become the tax credit investor for these two projects demonstrate its commitment to this community.”
First Niagara is an active commercial lender in Central New York, providing capital for a wide range of real estate projects, several of which are of important historical significance. Over the last two years the bank committed approximately $315 million to community lending projects in the area, and more than a million dollars in philanthropic endeavors.
The Preservation Association of Central New York (PACNY, est. 1974) is Central New York’s voice for good stewardship of the man-made environment – including buildings, landscapes, districts, and archaeological resources. PACNY works to preserve Central New York’s historic architecture, neighborhoods, main streets and cultural landscapes through outreach, education, advocacy, and recognition. For more information about PACNY, its ongoing activities, and its events calendar, visit www.pacny.net.