Rep. McNally announces a $2,000,000 tax credit for Mahoning National Bank

COLUMBUS – State Rep. Lauren McNally (D-Youngstown) today announced the awarding of $2,000,000 for the Mahoning National Bank as a part of the 32nd round tax credits given by the Ohio Historic Preservation Tax Credit Program.

“I am thrilled to see the Mahoning National Bank benefit from this highly selective Ohio Historic Preservation Tax Credit Program,” said Rep. McNally. “This program is transformative in preserving Ohio’s historic spaces, like Mahoning National Bank, and drives further investment into our community, investment we need as our buildings age.”  

The Ohio Historic Preservation Tax Credit Program provides a state tax credit to leverage the private redevelopment of historic buildings, up to 25% of qualified rehabilitation expenditures incurred during a rehabilitation project, up to $5 million. The tax credit can be applied to applicable financial institutions, foreign and domestic insurance premiums or individual income taxes. Those eligible to apply must be owners or long-term lessees of historically designated buildings who undertake a rehabilitation project in their respective communities.

Built in 1910, the Mahoning National Bank along the historic Market Street in downtown Youngstown has provided over a century of service.  The $2,000,000 tax credit will be used for the rehabilitation of the thirteen-story building to be reconstructed into 71 residential units, while the first four floors will be preserved for commercial spaces. Other preservations include maintaining the Grecian-style marble, historic wood paneling, and the decorative brass doors. 

The Mahoning National Bank is one of thirty-five projects awarded tax credits as a part of the 32nd round of Ohio Historic Preservation Tax Credit Awards. This most recent awarding spreads across twelve communities to rehabilitate forty-three historic buildings in Ohio.