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$220M Subsidy for Lower Manhattan Tenants

NEW YORK CITY-The Lower Manhattan Development Corporation board of directors, under chairman John C. Whitehead, today approved a bill to allocate $220 mil in federal funding through rent breaks and subsidies, designed to bring tenants back to Lower Manhattan.

By Michael Gilliard | Updated on September 05, 2002

NEW YORK CITY-At a meeting of the Lower Manhattan Development Corp. today, the group approved a draft for $220 million in federal funding to support small local businesses and lure residents Downtown.

Under the approved subsidy draft, tenants who sign or renew a two-year lease within the “Immediate Impact Zone” (the area south of Chambers St. and west of Broadway, and the entirety of Battery Park City) will be eligible for a grant of 30% of their monthly rent totaling up to $12,000 over two years. Tenants in the “Less Immediate Impact Zone,” (outside of the immediate zone but South of Canal St. and Rutgers St.) will be eligible for a maximum of $6,000 over the same period.

All tenants and owners who occupied their apartments as of Sept. 11 will also be eligible for an additional grant of $1,000. According to the draft, 5000 housing units are included in the Immediate Impact Zone and 22,200 units are in the second designated area.

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