"We are confident that the revitalization of these underused properties will boost local economies and generate more jobs and revenue for the city," says Mayor Rudolph Giuliani.

"Harlem and East New York are becoming thriving residential districts, thanks to efforts such as these," adds Deputy Mayor for Economic Development and Finance, Robert Harding. "In the year 2000 alone, EDC closed on 18 property transactions, which will result in 4.3 million sf of new development and create almost 3,000 jobs."

Several eligible projects may qualify for the Industrial and Commercial Incentive Program, which offers up to 25 years of tax exemptions and abatements on the value of improvements to the site. Others are located within a Federal Empowerment Zone and may qualify as a New York State Empire Zone Equivalent Area. This may make them eligible for wage tax credits, investment credits, utility rate credits, utility rate reductions, increased Section 179 deductions, and new tax-exempt bond financing.