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LMDC Approves First Round in $281M Residential Recovery Program

NEW YORK CITY-Having accepted 15,000 applications since August for the federally-sponsored Residential Grant Program, the Lower Manhattan Development Corp. has approved the first round of grants and will begin distributing those funds this month. This first approval for 313 applicants will total $625,000.

By Michael Gilliard | Updated on October 08, 2002

NEW YORK CITY-The Lower Manhattan Development Corp. has approved the first round of residential grant applications and will begin distributing those funds this month. The $281-million Residential Grant Program, for which a draft was approved in February , has received 15,000 applications since August. This first approval applies to 313 applicants and will total $625,000, over one third of which will go to senior citizens in the lower East Side and Chinatown.

“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.”

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