"Downtown residents form the foundation of all efforts to strengthen the community, and they have shown their commitment by making the choice to take part in the revitalization process," says New York Governor George Pataki. The occupancy rate of Battery Park was 60% following the Sept. 11 attacks, 74% in late February, and is now more than 90%.
"This program will be greatly beneficial to the residents of Lower Manhattan," says Department of Investigation Commissioner Rose Gill Hearn. "We are committed to working with LMDC to ensure thatthese grants are distributed only to those individuals who are eligible."
The amount of funding applicants may apply for is determined by the zone in which they reside.
Zone 1-the area south of Chambers Street and west of Nassau and Broad Streets, including all buildings which face on those streets and all of Battery Park City
Zone 2-the area outside Zone 1 but south of Canal Street and southwest of Rutgers Street, including all buildings which face on those streets
Zone 3-the area north of Canal Street and Rutgers Street, south of Delancey or Kenmare Streets, and east of Lafayette Street in Manhattan, including all buildings which face on those streets with the exception of Canal Street and Rutgers Street
Both owners and renters living in these zones may be eligible for the following grants:
September 11, 2001 Residents Grants-A $1,000 one-time grant per household for ongoing residents of Zone1, Zone 2, or Zone 3 who lived in lower Manhattan on September 11, 2001.
Family Grants-A one-time family grant for households with children under age 18 that make at least a one-year commitment to living in lower Manhattan.
1) Zone 1 is eligible for a $1,500 grant
2) Zone 2 is eligible for a $750 grant
3) Zone 3 is eligible for a $750 grant
Two-Year Commitment Based Grants-Grants for households that make at least a two-year commitment to living in lower Manhattan:
Zone 1 is eligible for 30% of the monthly rent (or mortgage payments, plus maintenance costs and real estate and related taxes for owner-occupied units), up to $12,000 over two years
Zone 2 is eligible for 30% of the monthly rent (or mortgage payments, plus maintenance costs and real estate and related taxes for owner-occupied units), up to $6,000 over two years
In order to be eligible for grants, renters must have leases commencing on or after June 1, 2001 and on or prior to May 31, 2003. Owners must purchase apartments on or prior to May 31, 2003.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
